Chicago-Based Pearlmark Closes on Senior Mortgage Loan for North Carolina MF
Chicago-based Pearlmark closed on a $19.9 million debt investment to finance the acquisition of The Bridges of Cabarrus, a garden-style multifamily community comprising 144 units across seven three-story buildings in Kannapolis, North Carolina.
The investment was originated and structured on behalf of Pearlmark Realty Senior Mortgage Partners I, L.P. The property was acquired by ESJ Capital Partners. ESJ Capital Partners is a vertically integrated real estate investment firm focused on middle-market investments, with over 50 realized transactions totaling more than $280 million in equity.
The Bridges at Cabarrus features amenities such as a clubhouse, fitness center, pool, and 294 parking spaces. The property is in Cabarrus County, approximately 25 miles from Uptown Charlotte. The submarket benefits from proximity to several demand drivers, including Atrium Health Cabarrus, Eli Lilly’s manufacturing facility, the Red Bull/Rauch manufacturing campus, the NC Research Campus and an Amazon Fulfillment Center.
Other News
CBRE Arranges $40M Sale of 178-Unit MF in Downtown Portland
CBRE announced the sale of 10th @ Hoyt, a 178-unit multifamily community with approximately 13,461 square feet of ground-floor retail space located at 925 NW Hoyt St. in Portland, Oregon, for $40.4 million. CBRE’s Josh McDonald and Joe Nydahl represented both the seller, Rise Properties, and the buyer, a California-based family office, in the transaction....
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Hines Acquires Bishop Arts Multifamily Portfolio, Retail
JLL Capital Markets arranged the sale of the Bishop Arts retail and multifamily portfolio, a collection of four Class A multifamily properties and 40,747 square feet of premier retail along North Bishop Ave. in Dallas. The Bishop Arts District is anchored by independent restaurants, local bars and retail. JLL represented the seller and developer, Exxir, owned...
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Hillpointe Building 358-Unit Reno Rental Community
Hillpointe acquired a 32.5-acre site at 18610 Wedge Parkway in South Reno, on which it will build a 358-home rental community called Pointe Grand Cape at Southport. Pointe Grand Cape at Southport will feature 268 two-bedroom, two-bathroom apartments across 12 residential buildings, along with 90 built-to-rent three-bedroom, two-and-a-half-bathroom townhomes, each with an attached two-car garage....
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout