Pearlmark announced that it closed on a high-yield investment for the acquisition of Lawrenceville Apartment Assemblage, a 59-unit multifamily property with nine affordable units and seven retail bays in Pittsburgh, Pennsylvania. The property is located on Butler Street, a prime corridor in the rapidly growing neighborhood of Lawrenceville.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. (“Mezz V”). The senior loan was provided by First National Bank. MultiVersity Housing Partners, a repeat sponsor with Pearlmark, is the managing partner.
Steve Gordon, Managing Director of Pearlmark, arranged the transaction for Pearlmark. Mr. Gordon commented, “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, Managing Principal and Head of Debt Investments for Pearlmark, further commented, “We were 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.”
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 563 real estate equity and debt transactions on behalf of investors, representing $5.3 billion in equity capital commitments and over $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.
