Pearlmark Closes $12M Mezzanine Debt Investment for Duffey 2.0

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Pearlmark announced it has closed on a $12 million mezzanine loan for Duffey, a project of adaptive reuse consisting of 3 historic manufacturing buildings located in Minneapolis’ Warehouse District.┬áThe project will include 358 multifamily apartments, 41,000 sq.┬áThe project will consist of 358 multifamily units, 41,000 sq.

The investment was made by Pearlmark Mezzanine Realty Partners V L.P. (“Mezz V”) ULLICO provided the senior loan. Cedar Street Companies is both the borrower and sponsor. Patrick Minea at NorthMarq and Dan Trebil represented Cedar Street during the capitalization.

Mark Witt, the Managing Director at Pearlmark, organized the transaction on behalf of Pearlmark. Mr. Witt stated, “We’re excited about financing this exciting project which will feature best-in class amenities in a highly desirable location within the North Loop in Minneapolis.”

Doug Lyons is the Managing Principal of Pearlmark and Head of Debt Investments. He said, “We’ve been following Cedar Street for many years, and we’re thrilled to be funding their second project, in what’s arguably Minneapolis’s most dynamic and emerging neighborhood.

Pearlmark, a Chicago-based firm, targets domestic real estate investments that are value-added to core properties. It does this through commingled accounts, separate accounts and joint ventures. Pearlmark has completed 562 equity and loan transactions for investors since 1996. This represents $5.3 billion of equity capital commitments, and more than $13.7 billion gross investment value. Pearlmark offers investors a variety of investment options across different property types, including office, industrial and multifamily. For more information, please visit

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