Exclusive: Pittsburgh Warehouse Scores Refi
Voya Financial provided the funding.
Aminim Group has obtained a $35.1 million loan for 2250 Roswell Drive, a 560,000-square-foot industrial facility in Pittsburgh, according to Yardi Matrix information. Voya Financial provided the permanent note.
Previous financing includes a $37.2 million acquisition loan originated by First-Citizens Bank & Trust Co. in March 2022.
The company purchased the asset for $20.3 million from Maguire Hayden Real Estate, a Pittsburgh-based firm. That sale price represented a roughly one-third discount from the building’s 2015 trade.
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Completed in 1967, the facility underwent cosmetic renovations in 2011 and 2015. The distribution center is within the city’s Parkway West submarket, about 5 miles from downtown Pittsburgh and close to Highway 60. Pittsburgh International Airport is some 15 miles northwest.
The warehouse has 43 dock-high loading doors and seven drive-in doors, as well as a mezzanine level with office space. The property has dock levelers and bumpers, 130- to 200-foot truck courts, 348 car parking spaces and 53 trailer stalls.
Lenders stay active, but selective
Industrial loan originations rose 6 percent year-over-year in the second quarter, a Mortgage Bankers Association report shows. The quarterly gain was stronger, with volume up 38 percent from the first quarter, indicating that lenders remained active in the sector, though annual growth stayed more restrained than in most other property types.
Pittsburgh’s industrial market trends are sending mixed signals to lenders. Vacancy reached a record 6.5 percent after several quarters of negative absorption, which could weigh on appetite for speculative or highly leveraged deals, according to a Cushman & Wakefield second quarter report. At the same time, asking rents held at $7.78 per square foot, while demand for newer warehouse and manufacturing space remained active.
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