$47M Financing Arranged for Pittsburgh Office Portfolio
Maverick Commercial Mortgage, Inc. closed a $47.3 million first mortgage loan for Parkway Center, a six-building office portfolio comprising 585,000 net rentable square feet in Pittsburgh’s Parkway West Corridor submarket. The borrowing entity is a joint venture between Chicago-based JDI Realty and Miami-based Market Street Real Estate Partners.
The non-recourse, 10-year, fixed-rate-loan amortizes over a 30-year schedule, and was funded by a national lender. The loan paid off an existing first mortgage, paid for closing costs, and returned equity to the borrowing entity.
The JV acquired the property at 875 Greentree Rd. in May of 2014, and subsequently completed significant tenant improvement, leasing commission and other capital investments into the portfolio. The borrowers have leased or renewed more than 400,000 square feet and added a new food hall, tenant fitness center, and performed extensive renovations to corridors, bathrooms, and building lobbies. As of loan closing, the portfolio was 87% occupied.
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