Chicago, IL (May 4, 2023) – Pearlmark Real Estate (“Pearlmark”) announced that it has closed on a mezzanine debt investment to refinance the DIOR, a 48-unit multifamily property with approximately 9,000 square feet of ground-level retail. The DIOR is in Dedham, Massachusetts, a close-in suburb of Boston, located at the junction of Route 1 and Interstate 95 and at the entrance of Legacy Center, one of New England’s most visited lifestyle centers.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. An entity managed by Argentic provided the senior loan. Brian Sheehan, with Capital Stack Commercial Real Estate Finance, represented the sponsor, Vacca Property Management, in the property recapitalization.
Steve Gordon, Managing Director of Pearlmark, arranged the transaction for Pearlmark. Mr. Gordon commented, “The DIOR is a great addition of in-demand, high-quality apartments and Route 1 retail within the Dedham submarket, next to the Legacy Center.”
Douglas Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, “This transaction is indicative of Pearlmark’s ability to fill the growing demand for gap finance take-out of maturing loans as a bridge to a future sale or permanent financing upon property stabilization.”
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 570 real estate equity and debt transactions on behalf of investors, representing $5.4 billion in equity capital commitments and $13.9 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 (multifamily, industrial, office). For more information, please visit https://www.pearlmark.com.
Argentic is a manager of commercial real estate lending and investment vehicles focused on providing fixed-rate and floating-rate debt financing solutions to property owners throughout the United States.