Pearlmark closed on a $7 million mezzanine debt investment for the refinance of The Ruby at Brookfield Square, a 231-unit multifamily community in Brookfield, Wisconsin, a suburb of Milwaukee.
The property is part of a mixed-use live/work/play urban-infill district called Brookfield Square, which features shopping, dining and entertainment destinations.
The Ruby at Brookfield Square was completed in September 2023 and consists of two elevator-serviced, four-story buildings with a mix of studio, one-, two-, and three-bedroom units connected by a skybridge.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. The senior loan was provided by Värde Partners. The property was developed by Wingspan Development Group, which has developed over 1,500 units, with a further 900 units under construction and 2,800 units in planning. Jason Bond of Berkadia arranged the transaction.
