Pearlmark Closes on Chaney Place Townhomes

Chicago, IL (June 9, 2022) – Pearlmark announced that it closed on a $4.2 million mezzanine debt investment for the acquisition of Chaney Place Townhomes, an 80-unit townhome rental property with 173 parking spaces located in Huntsville, Alabama. The property is located in the South Madison County submarket and has convenient access to the local roadways that lead to major retail areas, downtown and major US Interstates.

The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. (“Mezz V”). The senior loan was provided by Harbor Group International. Penn Capital Group is the sponsor/borrower. Jon Heller of Marc Belsky represented Penn Capital Group in the capitalization.

Steve Gordon, Managing Director of Pearlmark, arranged the transaction for Pearlmark. Mr. Gordon commented, “This is an exciting time to be in Huntsville with strong fundamentals in the housing market. We are excited to be a lending partner to Penn Capital Group and to see them implement their business plan.”

Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, “Penn Capital’s experience in the Huntsville market and the institutional quality of this single-family rental townhome community were equally compelling.”

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 561 real estate equity and debt transactions on behalf of investors, representing $5.3 billion in equity capital commitments and over $13.7 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