CHICAGO--(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”).
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.