Chicago, IL (October 5, 2016) – Pearlmark announces the closing of a $6,212,000 mezzanine loan that provided financing for Pacifica Real Estate Group to be used for the refinance of two four-story, Class A office buildings in Phoenix, Arizona. The asset is comprised of roughly 231,000 square feet and is situated on the corner of East Van Buren Street and North 44th Street near the Phoenix Sky-Harbor Airport. The complex was developed in two phases that were completed in 2001 and 2005, respectively. The buildings are well-leased to tenants from a diverse roster of industries including broadcasting, financial services, and logistics. Pearlmark’s investment was made on behalf of Pearlmark Mezzanine Realty Partners IV, L.P. (“Mezz Fund IV”), a fully discretionary investment fund. Senior financing was provided by PCCP, LLC.
Bill Swackhamer, Managing Director of Pearlmark, arranged the transaction. Mr. Swackhamer stated, “We were attracted to this investment due to the quality and location of the asset.” He further added, “We have experience owning competing properties adjacent to the subject and understand and believe in the fundamentals of the submarket.”
Head of Debt Investments for Pearlmark, Douglas W. Lyons, commented, “We were able to move very quickly and work closely with PCCP and Pacifica to provide refinancing proceeds on a tight time schedule.” Mr. Lyons also added, “This investment is a nice addition to our Mezz Fund IV.”
Chicago-based Pearlmark is a private equity real estate investment firm that pursues domestic, value-added and core/core-plus strategies through institutional commingled investment vehicles and separate accounts. Since its inception in 1996, the firm has made more than 525 office, industrial, retail, multifamily, and mezzanine loan investments nationwide, representing a gross investment of over $12.8 billion. Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families, have committed over $4.6 billion of equity capital to the firm’s investment activities. For more information about Pearlmark and Mezz Fund IV, please visit www.pearlmark.com.