Chicago, IL (December 15, 2021) – Pearlmark announced that it closed on a $4.6 million preferred equity investment for the acquisition of The Orchard, a 308-bed student housing property located in Columbia, South Carolina that was constructed in phases between 2015 and 2018. The property is located near the University of South Carolina and offers residents a pool, clubhouse, fitness center, individual security systems, and private surface parking. The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. (“Mezz V”). A senior loan was provided by Ready Capital Commercial Bank. JLL represented the borrower and sponsor, MultiVersity Housing Partners, in securing the financing.
Mark Witt, Managing Director of Pearlmark, arranged the transaction for Pearlmark. Mr. Witt commented, “This property has historically maintained a very strong occupancy. Further, the University of South Carolina has experienced strong enrollment growth.”
Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, “The asset quality on this investment is outstanding, as evidenced by its 80% plus pre-leasing already for the next academic year in Fall of 2022.”
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 555 real estate equity and debt transactions on behalf of investors, representing over $5.2 billion in equity capital commitments and $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 https://www.pearlmark.com.