Chicago, IL (October 9, 2018) – Pearlmark today announced it has closed on a $13 million mezzanine loan investment for the recapitalization of Britannia Business Center I in Hacienda Business Park, Pleasanton, CA in the East Bay area of metropolitan San Francisco. The investment was originated by Pearlmark and made on behalf of Pearlmark Mezzanine Realty Partners IV, L.P. (“Mezz IV). Britannia is owned by a partnership sponsored by Virtua Partners and a senior loan was provided by Natixis as part of the refinancing.
The property totals four buildings containing approximately 292,000 square feet and can accommodate a variety of users including office, lab, and R&D. Tenants include ADP, NeoTract, Carl Zeiss and Diebold. The site also includes over 1,100 parking spaces, is well located near the intersection of Interstates 680 and 580, and is close to two BART stations.
Bill Swackhamer, Managing Director of Pearlmark, arranged the transaction. Mr. Swackhamer commented, “We see this as an opportunity to invest in strong real estate with a high-quality sponsor that has substantially improved the property since it took ownership three years ago.”
Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, “We are pleased to have worked closely with Natixis to provide Virtua Partners with new capitalization on Britannia Business Center.”
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 in excess of $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 https://www.pearlmark.com.