Pearlmark Closes on Senior Mortgage Loan for Lachlan Apartments

Chicago, IL (August 27, 2026) - Pearlmark announced that it closed on a $25.5 million debt investment for the development of Lachlan Apartments, an eight-story, 104-unit multifamily apartment building located in the Fremont neighborhood of Seattle, Washington. The project is located one block north of the Lake Union waterfront and a 5-minute drive from South Lake Union, the heart of Seattle's tech scene where Amazon, Apple, Google, Microsoft, and Meta all maintain a significant presence.

The investment was originated and structured on behalf of Pearlmark Realty Senior Mortgage Partners I, L.P. The project will be developed by Ravenna Partners, a vertically integrated real estate development firm focused on middle-market infill multifamily projects in Seattle. Berkadia was the broker for the transaction.

Lachlan Apartments will feature floor to ceiling windows, stainless-steel appliances, hardwood style plank flooring, quartz countertops, tile backsplash, modern cabinetry, washer/dryers and private balconies and patios in select units. Property amenities include a roof deck, dedicated co-working spaces, secure bike/paddle storage, pet amenities, and views of South Lake Union, Downtown Seattle and Mt. Rainier.

Darshak Shah, Senior Vice President of Pearlmark, led the transaction and remarked, "As a Seattle-area native, it was particularly rewarding to finance Ravenna Partners' multifamily project in Seattle's Fremont neighborhood, delivering high-quality Class A housing, including much-needed affordable units, to one of the city's most dynamic communities."

Doug Lyons, Managing Principal and Head of Debt Investments for Pearlmark, further commented, "Lachlan's impressive in-fill location on the north shore of Lake Union with sweeping panoramic views of the lake, downtown Seattle and Mt. Rainier is breathtaking."

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 187 originated loans aggregating over $2.6 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.