Pearlmark Closes on 300 N. Michigan Avenue

Chicago, IL (July 20, 2020) Pearlmark announced that it closed on a $24.5 million mezzanine investment for the development of 300 N. Michigan Avenue, located in Chicago, Illinois. The project will contain 289 residential units, 25,000 square feet of flagship retail and 280 hotel rooms presold to citizenM. The Sponsor is a JV between Sterling Bay and Magellan Development Group, two of the prominent developers in Chicago. The investment was originated by Pearlmark and made on behalf of Pearlmark Mezzanine Realty Partners IV, L.P. (“Mezz IV”) and Monroe Capital. A senior construction loan was provided by Bank OZK. JLL represented the borrower in securing the financing.

Mark Witt, Managing Director of Pearlmark, arranged the transaction for Pearlmark. Mr. Witt commented, “We view this project as an opportunity to invest in a well-located, high-quality development with experienced and extremely well-capitalized sponsorship.”

Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, “this was a complicated capitalization under challenging capital market conditions but the project’s prime location on Michigan Avenue and outstanding sponsorship was compelling.”

Stephen Quazzo, CEO of Pearlmark, also commented, “securing financing of this magnitude given the current business climate has not been without its challenges, but we are pleased to be partnering with Monroe Capital on this loan and together we are highly confident in Sterling Bay and Magellan’s ability to create a first-class product that will be a striking new addition to Michigan Avenue.”


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 546 real estate equity and debt transactions representing in excess of $13.5 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, multifamily) in both local and national markets. For more information, please visit