Chicago, IL (May 7,
2018) – Pearlmark today announced it has closed on a $12.27 million
mezzanine loan investment for the development of a 250-unit luxury apartment
complex in the Dallas/Ft. Worth suburb of Trophy Club, Texas. The investment
was originated by Pearlmark and made on behalf of Pearlmark Mezzanine Realty
Partners IV, L.P. (“Mezz IV). The Byron at Trophy Club is being developed by
North American Properties (“NAP”).
The property upon
completion will include 250 apartment units, a 420-car parking garage, a
resort-style pool and a two-story fitness facility. The property’s
location offers residents easy access to several major employers, including
Deloitte University, Fidelity and Charles Schwab.
Mark Witt, Managing
Director of Pearlmark, arranged the transaction. Mr. Witt commented,
“This location has seen very strong population growth and is an affluent suburb
of Dallas/Ft. Worth. Additionally, it has great access to transportation including
the DFW International Airport. This project offers us the opportunity to invest
in a new apartment project with an experienced, repeat sponsor in a strong
Doug Lyons, Head of
Debt Investments for Pearlmark, further commented, “We are thrilled to partner
with NAP on capitalizing this project given its outstanding location in a
submarket that has not seen any new multifamily product in several decades, and
NAP’s demonstrated track record for delivering superior product.”
Mezz IV announced its final closing in March 2018. It is the firm’s exclusive mezzanine investment vehicle, fulfilling borrower demand for mezzanine debt solutions on refinancings, recapitalizations, acquisitions, and selective development projects. Mezz IV is targeting a broad range of domestic commercial real estate assets and is flexible to accommodate stabilized cash flow, bridge/transition, and construction/development business plans.
Pearlmark is a Chicago-based investment firm that targets domestic core and value-add real estate opportunities via commingled funds, separate accounts and joint venture arrangements. Since inception in 1996, Pearlmark has sponsored more than a dozen investment programs for institutional and high net worth investors, and completed over 530 real estate equity and debt transactions representing $13 billion in gross investment value. Pearlmark is dedicated to creating value for investors, and offers a range of investment opportunities across the various property types (office, industrial, retail, multifamily) in both local and national markets. For more information, please visit www.pearlmark.com.