Chicago, IL (November 8, 2018) – Pearlmark today announced it has closed on a $4.5 million mezzanine loan investment to finance tenant improvements and leasing commissions at McAllister Plaza in the North Central submarket of San Antonio, TX. The investment was originated by Pearlmark and made on behalf of Pearlmark Mezzanine Realty Partners IV, L.P. (“Mezz IV”). McAllister is owned by Rawson, Blum & Leon (“RBL”). Jim Korinek with CBRE acted as advisor to RBL in the transaction.
The LEED silver, multi-tenant property consists of 190,511 square feet across 12 floors with an adjacent 3-story parking structure. The site features excellent city views, visibility from the Loop 410 / Highway 281 interchange, and is adjacent to the San Antonio International Airport with prominent signage featuring Travelers Insurance, the largest tenant in the building. JLL is another major tenant.
Bill Swackhamer, Managing Director of Pearlmark, arranged the transaction. Mr. Swackhamer commented, “We were attracted to this investment by the asset quality, vibrancy of the San Antonio market, and its strength of sponsorship.”
Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, “We are excited to provide RBL, a former joint venture equity partner, with “good news” capital to maintain McAllister Plaza as the premier asset in its market.”
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 539 real estate equity and debt transactions representing in excess of $13.25 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 https://www.pearlmark.com.