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Pearlmark Provides Mezz Loan for Pittsburgh Multifamily Acquisition
Chicago-based Pearlmark closed on a high-yield investment for the acquisition of Lawrenceville Apartment Assemblage, a 59-unit multifamily real estate property with nine affordable units and seven retail bays in Pittsburgh, PA. The property is located in the rapidly growing neighborhood of Lawrenceville.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. The senior loan was provided by First National Bank. MultiVersity Housing Partners, a repeat sponsor with Pearlmark, is the managing partner. Pearlmark managing director Steve Gordon arranged the transaction for Pearlmark.
Gordon said, “We are excited to be a financial partner to MultiVersity Housing Partners within their backyard of Pittsburgh with high confidence in their capabilities to implement the value-add business plan.”
Doug Lyons, head of debt Investments for Pearlmark, added that his firm was “struck once again by MultiVersity’s ability to uncover very well-located and high-quality assets with modest value-add measures to capture significant additional value.”
- ◦Financing
