Pearlmark closes on $45m equity investment for mixed-use development in Florida
Pearlmark has closed on a $44.65 million preferred equity investment for the development of Atlantic Crossing, located in Delray Beach, Fla.
The project will contain 261 luxury apartment units, 91,000 square feet of commercial office and retail space, as well as 444 structured parking spaces.
The developer is the Edwards Cos., based in Columbus, Ohio.
The investment was originated by Pearlmark and made on behalf of Pearlmark Mezzanine Realty Partners IV and an institutional co-investment partner. A senior construction loan was provided by Fifth Third Bank, Huntington Bank and Santander Bank. Bellwether Enterprise represented the borrower in securing the preferred equity investment.
Mark Witt, managing director of Pearlmark, arranged the transaction. Witt commented: “We view this project as an opportunity to invest in a high-quality development located in the heart of vibrant downtown Delray Beach. Additionally, Edwards is a very strong sponsor with significant development experience.”
Mezzanine Realty Partners IV is the firm’s exclusive mezzanine investment vehicle, meeting borrower demand for mezzanine debt solutions on refinancings, recapitalizations, acquisitions and selective development projects. The fund 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.