Penzance secured a $14.8 million mezzanine loan, from Pearlmark Mezzanine Realty Partners IV (Mezz Fund IV), to complete its acquisition of Elan Potomac Heights. Elan Potomac Heights is a newly erected 288-unit, Class A apartment building constructed in Woodbridge, Virginia. When the acquisition was completed, the property was already 93 percent leased. Pearlmark Mezzanine Realty Partners IV (Mezz Fund IV) is a fully discretionary investment fund. Mezz Fund IV is the company’s exclusive mezzanine financing channel.
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