Pearlmark Announces First Closing of PRSM I

Chicago, IL (December 18, 2025) - Pearlmark is pleased to announce the initial closing of its first senior mortgage fund, Pearlmark Realty Senior Mortgage Partners I, LP. ("PRSM I" or the "Fund"). PRSM I will serve as the firm's exclusive senior mortgage investment vehicle, fulfilling borrower demand for financing solutions on recapitalizations, acquisitions, and development projects in the middle market. PRSM I will provide fixed and floating interest rate loans sized from $20 to $75 million, structured to meet the investment objectives of sponsors and borrowers. The Fund aims to provide investment capital partners with a strategy for their alternatives allocation that offers a core risk/return profile and current cash flow. PRSM I will primarily invest in multifamily and other adjacent sectors, including student housing, active senior, and build-for-rent communities, as well as in industrial. The Fund will also consider investments in mixed-use, medical office, and grocery-anchored retail properties. Pearlmark plans to focus on stabilized cash flow, traditional bridge, and development lending on institutional-quality assets in strong locations across the United States.

The first closing for PRSM I totaled more than $450 million in commitments. The targeted fund size for PRSM I is $1.5 billion, with the final capital closing expected to occur in 2027.

"Pearlmark has been an active credit investor in mezzanine debt since 2001 and now offers an efficient senior first mortgage product up to 65% leverage with PRSM I. The new fund will finance stabilized, bridge/transitional and development assets primarily in residential/multifamily and logistics. Pearlmark now invests in the middle market up and down the entire capital stack with equity, mezzanine, and senior debt options for capital partners," stated Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark.

Stephen Quazzo, CEO of Pearlmark, further commented, "We are extremely excited about the launch of PRSM I, our senior mortgage fund. We believe this strategy particularly appeals to insurance companies and other yield-oriented, risk-averse investors. Furthermore, it will enable Pearlmark to scale its business and generate synergies across our extensive network of relationships and clients."

About Pearlmark

Pearlmark is a Chicago-based investment firm that targets domestic core-plus to value-add real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, the Pearlmark team has sponsored more than 15 real estate equity and debt investment programs and completed 609 real estate equity and debt transactions on behalf of investors, representing $6.3 billion in equity capital commitments, $14.7 billion in gross investment value, and 173 originated loans aggregating over $2.3 billion in commitments. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities nationwide across various property types (primarily industrial and multifamily). For more information, please visit https://www.pearlmark.com.