Opa Locka, FL – Pensam, a diversified multifamily real estate investment firm, recently provided $8.1M in mezzanine financing as part of a $46.6M loan for the refinancing of Mirage at Sailboat Cove. Located in Opa-Locka, Miami, Sailboat is a gated community offering two story, four-bedroom, two-and-a-half bath townhomes that feature over 1,500 SF of living space, with many units having backyards that open up to Mitchell Lake.
Of the development’s 171 units, 112 are newly constructed and 59 were developed by a previous owner. The project is 100 percent leased, with each new unit featuring kitchens with granite countertops, modern cabinetry and brush nickel finishes. Other amenities include built-in washers and dryers and fenced backyards.
“Sailboat addresses the need for high quality resident-oriented living at affordable prices, a sector that has been underserved in Miami,” said Ray Cleeman, Principal and Head of Capital Markets, Pensam. “The recent surge of new residents in Miami has driven demand for apartments and led to escalating rents. Sailboat’s developers identified the affordability issue in Miami and created Sailboat to provide an inviting community living experience for residents at reasonable rental rates.”
Sailboat is located near to Amazon’s new “Mega Warehouse” in Miami, with Opa-Locka also being home to the recently renovated Hard Rock Stadium, Miami’s largest events venue in terms of capacity.
About Pensam
Pensam is one of the country’s largest private real estate investors and capital providers specializing in the vibrant U.S. multihousing sector. Founded in 2009 by a team of seasoned real estate professionals, Pensam meets the country’s needs for alternative flexible capital in a market challenged by limited liquidity. Pensam has invested in over 46,000 units spanning across 163 communities and 28 states, both in primary and secondary markets. As an integrated firm, Pensam is also uniquely positioned to leverage the synergies of its three service lines – equity, debt and development.
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