Pearlmark Provides $33M Mezzanine Loan For RISE @ Glen Kernan Park, Jacksonville

Ryan Holmes and RISE secured a $33 million mezzanine loan from Pearlmark for RISE @ Glen Kernan Park, a 30-acre development site in Jacksonville's Southside neighborhood. The project consists of a 308-unit active adult residential community with amenities such as a clubhouse, fitness center, and resort-style pool, among others.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $33,000,000
• Address: 13190 Glen Kernan Parkway
• Market: Jacksonville
• Landlord: Ryan Holmes - RISE
• Broker: Taylor Williams - Walker & Dunlop

Taylor Williams of Walker & Dunlop played a key role in arranging project capitalization for RISE, in addition to the mezzanine loan provided by Pearlmark. Benefit Street Partners also contributed undisclosed senior debt to the financing of RISE @ Glen Kernan Park.