Pearlmark introduced that it closed on a $12.Zero million mezzanine debt funding for Duffey 2.0, an adaptive reuse challenge consisting of three historic manufacturing buildings within the Warehouse District of Minneapolis, Minnesota.  The challenge will include 358 multifamily models, 41,000 sq. ft. of retail house together with Puttshack, and 326 parking stalls.

The funding was made on behalf of Pearlmark Mezzanine Realty Companions V, L.P. (“Mezz V”). The senior mortgage was supplied by ULLICO. Cedar Avenue Firms is the sponsor/borrower. Patrick Minea  and Dan Trebil at NorthMarq represented Cedar Avenue within the capitalization.

Mark Witt, Managing Director of Pearlmark, organized the transaction for Pearlmark. Mr. Witt commented, “We’re enthusiastic about financing this challenge that may embody best-in-class facilities in a really fascinating location within the North Loop of Minneapolis.”

Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, additional commented, “Now we have been carefully following Cedar Avenue’s excellent improvement of high-quality market charge inexpensive condominium belongings in Chicago over a few years and are thrilled to be financing their second challenge in arguably Minneapolis’ most dynamic rising neighborhood.”

Pearlmark is a Chicago-based funding agency that targets home core to value-add actual property alternatives by way of commingled funds, separate accounts, and three way partnership buildings. Since 1996, Pearlmark has sponsored greater than a dozen actual property fairness and debt funding applications and accomplished 562 actual property fairness and debt transactions on behalf of buyers, representing $5.three billion in fairness capital commitments and over $13.7 billion in gross funding worth. Pearlmark is devoted to creating worth for its buyers and provides a variety of funding alternatives nationwide throughout numerous property sorts (workplace, industrial, multifamily). For extra data, please go to https://www.pearlmark.com.

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