Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult residential development in Jacksonville’s Southside neighborhood. Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed. Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market.
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