Chicago, IL (December 15, 2021) – Pearlmark announced that it closed on a $13.5 million mezzanine investment to finance the acquisition of ShoreView Apartments, a multifamily asset located on the River Walk along the Manatee River, within walking distance of historic downtown Bradenton, Florida. The property consists of 216 luxury apartments with an outstanding common area amenity package. The project was completed in April 2021 and became fully leased in November 2021. The investment was originated by Pearlmark and made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. (“Mezz V”). A senior loan was provided by Prime Finance. Northmarq represented the borrower and sponsor, Equity Yield Group, in securing the financing.
Mark Witt, Managing Director of Pearlmark, arranged the transaction for Pearlmark. Mr. Witt commented, “We were very impressed with the quality of the subject property and its outstanding waterfront location in Bradenton.”
Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, “Our strong relationship with Prime Finance as senior lender and discretionary capital through Mezz V enabled us to close this acquisition financing on an expedited basis.”
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 nearly 550 real estate equity and debt transactions on behalf of investors, representing approximately $5.0 billion in equity capital commitments and more than $13.5 billion in gross investment value. Pearlmark has invested in approximately 57,000 apartment and residential units in major metropolitan areas across the U.S., comprised of $1.1 billion of multifamily acquisitions and more than $300 million of multifamily mezzanine debt investments. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities across the office, industrial, and multifamily sectors. For more information, please visit https://www.pearlmark.com.