Pearlmark and Carval Investors Close Mezzanine Construction Loan for Moffett Gateway

Chicago, IL (May 11, 2015) — Pearlmark Real Estate Partners and CarVal Investors announced today the closing of a $48.5 million mezzanine construction loan to Jay Paul Company for the development of Moffett Gateway, a state-of-the-art, planned LEED Platinum, office campus in Silicon Valley. Pearlmark is a Chicago-based private equity real estate investment firm and CarVal Investors is a leading global alternative investment manager. The construction is also being capitalized with a Bank of America first mortgage.

The project is located in the Moffett Park submarket of Sunnyvale just north of State Highway 237 at the confluence of Java Drive, Crossman Avenue and Moffett Park Drive. Construction on the 612,691 square foot, three-building campus commenced in September 2014. Jay Paul Company anticipates project completion during the first quarter of 2016.

Bill Swackhamer of Pearlmark Real Estate Partners arranged the transaction. Mr. Swackhamer stated, “We were attracted to this project due to the strong and experienced sponsorship, along with the compelling location and market fundamentals. We have prior experience with Jay Paul Company and they are an excellent developer and borrower.”

Head of Debt Investments for Pearlmark, Douglas W. Lyons, commented, “Although we have been most active in mezzanine construction financing for multifamily and student housing projects, the opportunity to finance Jay Paul for a follow-on Class A development in Moffett Park was compelling.”

ABOUT PEARLMARK REAL ESTATE PARTNERS
Chicago-based Pearlmark Real Estate Partners is a private equity real estate investment firm that pursues domestic, value-added and core/core-plus strategies through institutional commingled investment vehicles and separate accounts. Since its inception in 1996, the firm has made more than 500 office, industrial, retail, multifamily, and mezzanine loan investments nationwide, representing a gross investment of over $12 billion. Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families, have committed over $4.5 billion of equity capital to the firm’s investment activities. The company currently employs approximately 30 professionals. For more information, please visit www.pearlmarkrealestate.com.

ABOUT CARVAL INVESTORS
CarVal Investors is a leading global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, its experienced team has navigated through ever-changing credit market cycles, opportunistically investing more than $81 billion in 5,300 transactions across 71 countries. Today, CarVal Investors has over $10 billion in assets under management in both credit and real estate strategies. For more information, visit www.carvalinvestors.com.

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