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$127.5M Financing for Pittsburgh’s North Shore Redevelopment
HFF arranged $127.5 million in financing for Nova Place and 106 Isabella, a 1.3-million-square-foot office complex and nearby office building on Pittsburgh’s North Shore, directly across the Allegheny River from the central business district. The borrower was Faros Properties, LLC and the five-year, floating-rate loan was secured through Wells Fargo.
Nova Place, a former urban mall at 100 S. Commons that was converted into office use in the early 1990’s, comprises three office complexes totaling 1,250,702 square feet. They include Concourse, Tower 1 and Tower 2, as well as a 3,000-space parking garage. The property is 86% leased to tenants including PNC Bank, Microbac, Continental Broadband, Confluence, Union Fitness, United Healthcare and Alloy 26. 106 Isabella totals 87,050 square feet.
HFF’s debt placement team representing the borrower included Gerard Sansosti and Nick Matt.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
