Pearlmark enters JV with Resource America
Stephen Quazzo is one of those rare Christmas Eve babies, and he received a rare birthday gift this time around. There was not a new Mercedes in the driveway. There were no keys to a new summer cottage. The CEO of Pearlmark Real Estate Partners got something better — a joint venture deal with Resource America Inc.
That birthday gift includes commitments of $50 million to each of several Pearlmark investment funds. For starters, RAI will commit $50 million to both Pearlmark Mezzanine Realty Partners IV and to Pearlmark Multifamily Partners II. Those commitments will kick off fundraising for the two funds, each targeting $250 million to $400 million in total commitments.
Quazzo and RAI chief executive Jonathan Cohen figuratively shook hands on the deal after a nine-month courtship. Quazzo was at home when the deal closed and Cohen was overseas, so the two men had not, as of this writing, had a chance to celebrate their new partnership.