Pearlmark closed on a $21.2 million mezzanine debt investment for the development of Bakers Place, a 206-unit mass-timber luxury apartment project in the heart of the Isthmus corridor in Madison, Wisconsin.
The property will consist of 206 units and 8,400 square feet of retail space.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. The senior loan was provided by Bank OZK. Wisconsin-based sponsors The Neutral Project and Compass Properties are collectively the developer of the project.
Mike Brady and Phil Galligan with JLL represented the sponsors as advisors in the project capitalization.
Bakers Place plans to incorporate green roofs, exposed mass timber, enhanced ventilation and natural materials, which are estimated to reduce carbon emissions by 42% compared to conventional construction techniques.
Mark Witt, Managing Director of Pearlmark, arranged the transaction for Pearlmark.