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Chicago & Midwest  + Midwest  + Apartments  |  January 2, 2025
Jasmine Kilman
By: Jasmine Kilman

Pearlmark Closes Mezzanine Financing for Indiana MF Development

Pearlmark has closed on two mezzanine debt investments totaling $19.5 million for a two-phase multifamily development, known as Monon Square.

The project comprises a 120-unit development and a 247-unit development in Carmel, Indiana, approximately 15 miles north of downtown Indianapolis. The loans were originated by Pearlmark on behalf of its mezzanine debt platform.

The $5 million mezzanine investment for the 120-unit development was the final investment in Pearlmark Mezzanine Realty Partners V, L.P. The senior loan was provided by Indiana Members Credit Union.

The $14.5 million mezzanine debt investment for the 247-unit development was the first investment in Pearlmark’s latest debt fund, Pearlmark Mezzanine Realty Partners VI, L.P. The senior loan was provided by Western-Southern Life Assurance Company.

The project is being developed by J.C. Hart Company, in a joint venture with Stirsman Property Group. The broker was CBRE, led by Jon Faulkenberg. Mark Witt, Managing Director of Pearlmark, arranged the transaction for Pearlmark.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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