Pearlmark Closes $14.5 Million Mezzanine Loan Investment for Office Complex in Schaumburg, IL
June 13 2018 - 11:40AM
Business Wire
Pearlmark today announced it has closed on a $14.5 million
mezzanine loan investment for the acquisition of the Schaumburg
Office Towers in Schaumburg, a suburb of Chicago, Illinois. The
investment was originated by Pearlmark and made on behalf of
Pearlmark Mezzanine Realty Partners IV, L.P. (“Mezz IV). Schaumburg
Office Towers is being acquired by American Landmark Properties
(“ALP”).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180613005842/en/
Pearlmark closes $14.5 million mezzanine
loan investment for office complex in Schaumburg, IL (Photo:
Business Wire)
The Class A property includes two buildings containing 882,071
square feet, a three-story amenity-rich atrium and over 3,180
mostly structured parking spaces. The property’s strategic location
offers tenants easy access to Interstates 90 and 290, Woodfield
Mall and O’Hare International Airport.
Mark Witt, Managing Director of Pearlmark, arranged the
transaction. Mr. Witt commented, “We are enthused to be investing
in this asset that has superior common areas and amenities.
Additionally, it is anchored by a growing tenant on a long-term
lease. We appreciate the efforts of Steve Roth of CBRE and Dan
Rosenberg of Cohen Financial in arranging the capital for this
transaction.”
Doug Lyons, Managing Principal and Head of Debt Investments for
Pearlmark, further commented, “We are excited to partner with ALP
as the sponsor and Prime Finance as the senior lender in
capitalizing this project given the property’s prominence and
outstanding location in the Schaumburg market.”
Mezz IV announced its final closing in March 2018. It is the
firm’s exclusive mezzanine investment vehicle, fulfilling borrower
demand for mezzanine debt solutions on refinancings,
recapitalizations, acquisitions, and selective development
projects. Mezz IV is targeting a broad range of domestic commercial
real estate assets and is flexible to accommodate stabilized cash
flow, bridge/transition, and construction/development business
plans.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180613005842/en/
PearlmarkKatie Goldhagen312-499-1937kgoldhagen@pearlmark.com