Chicago, IL (August 30, 2022) – Pearlmark announced that it closed on a $7.0 million mezzanine debt investment for the acquisition of Northview Center, a 182,009 square foot office property in Lynnwood, Washington. The property is close to a new light rail station, which will provide easy access to downtown Seattle.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. (“Mezz V”). The senior loan was provided by Prime Finance. Nitze-Stagen is the Manager of the borrower.
Bill Swackhamer, Managing Director of Pearlmark, arranged the transaction for Pearlmark. Mr. Swackhamer commented, “The quality of the sponsorship here is strong, and the significant upside potential of the project makes this an attractive investment.”
Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, “the transit-oriented location in Lynnwood combined with an outstanding local sharp-shooter borrower in Nitze-Stagen make this a very attractive investment for Pearlmark. We demonstrated an ability to execute efficiently by closing the loan in less than four weeks from receiving a signed term sheet.”
Pearlmark is a Chicago-based investment firm that targets domestic core to value-add real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, Pearlmark has sponsored more than a dozen real estate equity and debt investment programs and completed 564 real estate equity and debt transactions on behalf of investors, representing $5.3 billion in equity capital commitments and $13.8 billion in gross investment value. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities nationwide across various property types (office, industrial, multifamily). For more information, please visit https://www.pearlmark.com.