Pearlmark announced that it closed on a $12.0 million mezzanine debt investment for Duffey 2.0, an adaptive reuse project consisting of three historic manufacturing buildings in the Warehouse District of Minneapolis, Minnesota. The project will consist of 358 multifamily units, 41,000 sq. ft. of retail space including Puttshack, and 326 parking stalls.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. (“Mezz V”). The senior loan was provided by ULLICO. Cedar Street Companies is the sponsor/borrower. Patrick Minea and Dan Trebil at NorthMarq represented Cedar Street in the capitalization.