Fundraising - JANUARY 25, 2013

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Pearlmark Real Estate launches debt fund

by Andrea Waitrovich

Chicago-based Pearlmark Real Estate Partners has launched Pearlmark Mezzanine Realty Partners IV (Mezz Fund IV), a $600 million commingled fund. A final close for the fund is scheduled for June 2014. The debt fund will invest across property types.

Mezz Fund IV is part of a high-yield debt series. Its predecessor Pearlmark Mezzanine Realty Partners III closed in October 2008 with commitments totaling approximately $427 million. Mezz Fund III has assembled a diversified portfolio of loans to third-party owners of high-quality office, industrial, retail, residential, hotel, and mixed-use projects throughout the United States. The fund has made 35 high-yield investments through a variety of debt instruments, including mezzanine loans, B-notes and preferred equity.

Pearlmark Mezzanine Realty Partners II held a $300 million final close in 2005; the fund made 46 mezzanine loan investments more than $670 mill

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