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$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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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