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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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