Pearlmark Closes on Senior Mortgage Loan for Tri-State Distribution Center

Chicago, IL (February 27, 2026) - Pearlmark announced that it closed on a $70 million senior mortgage investment for the refinance of Tri-State Distribution Center, a 525,000 sq. ft., cross-docked Class A distribution center in Claymont, Delaware. The property is located just south of the Pennsylvania border with immediate access to I-95, I-495, and the Commodore Barry Bridge.

The investment was originated and structured on behalf of Pearlmark Realty Senior Mortgage Partners I, L.P. ("PRSM I"), Pearlmark's senior mortgage fund. The property was developed by KPR Centers and PCCP in 2025. KPR is a vertically integrated real estate investment company with over 17 years of experience and a portfolio of 49 properties across 19 states valued at $1.8 billion. PCCP is an established investment manager with approximately $29.2 billion of assets under management and over $32.8 billion in loans managed across 767 transactions as of September 30, 2025. JLL Philadelphia arranged the financing on behalf of the borrower.

The property features 40' clear heights, 3,050 sq. ft. of spec office, LED lighting, 97 dock doors, 4 drive-in doors, 271 employee parking spaces, and 114 trailer parking spaces. The property is in the Wilmington Industrial submarket, with connectivity to the Port of Wilmington, Philadelphia International Airport ("PHL"), and the Northeast Corridor via I-95.

Steve Gordon, Managing Director of Pearlmark, arranged the transaction. Mr. Gordon commented, "We're pleased to partner on this high-quality, newly developed logistics asset in a premier Northeast industrial corridor - Tri-State Distribution Center exemplifies the type of institutional grade, last mile logistics we target, and its modern specs and exceptional location align perfectly with our senior mortgage strategy."

Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, "This balance sheet senior execution by the Pearlmark team meets our goals of strong sponsorship in KPR and PCCP, best-in-class asset quality, and outstanding location."

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 613 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 178 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.

About PCCP

PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $29.2 billion in assets under management on behalf of institutional investors as of September 30, 2025. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 27-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $46.6 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.