Chicago-Based Pearlmark Closes on Senior Mortgage Loan for North Carolina MF

Chicago-based Pearlmark closed on a $19.9 million debt investment to finance the acquisition of The Bridges of Cabarrus, a garden-style multifamily community comprising 144 units across seven three-story buildings in Kannapolis, North Carolina.

The investment was originated and structured on behalf of Pearlmark Realty Senior Mortgage Partners I, L.P. The property was acquired by ESJ Capital Partners. ESJ Capital Partners is a vertically integrated real estate investment firm focused on middle-market investments, with over 50 realized transactions totaling more than $280 million in equity.

The Bridges at Cabarrus features amenities such as a clubhouse, fitness center, pool, and 294 parking spaces. The property is in Cabarrus County, approximately 25 miles from Uptown Charlotte. The submarket benefits from proximity to several demand drivers, including Atrium Health Cabarrus, Eli Lilly’s manufacturing facility, the Red Bull/Rauch manufacturing campus, the NC Research Campus and an Amazon Fulfillment Center.