McKnight Realty Lands $42M in Pittsburgh Office Refi
HFF secured a first mortgage loan through Starwood Mortgage Capital and a mezzanine loan through Morrison Street Capital for a Class A office tower located in the city's central business district.
By Corina Stef
The Grant Building, Pittsburgh
McKnight Realty Partners refinanced the Grant Building, a prime office tower totaling 461,007 square feet in Pittsburgh, through a $42 million loan secured by HFF. The financing comprises a 10-year, fixed-rate first mortgage loan through Starwood Mortgage Capital and a 10-year mezzanine loan through Morrison Street Capital.Â
The loan will be used to refinance the existing debt. The new financing replaces a $32.2 million loan placed Sept. 28, 2011, through Nationwide and is due to mature in 2021, according to public records.
Premier asset with prestigious tenants
The Class A asset is located at 310 Grant St. and spreads across 37 stories. It was built in 1930 and comprises 15,000 square feet of ground floor retail and dining, in addition to 225 parking spaces. Situated in the city’s central business district, it is in the immediate vicinity of restaurants, cafes, retailers, banks, hotels, parks and the City Hall. The property is minutes away from the First Avenue T station and offers easy access to major roads such as Interstates 376 and 279. The property is 90 percent leased to tenants such as Huntington Bank, The Hillman Co. and Sisterson & Co., to name a few.
HFF Executive Managing Director Gerard Sansosti and Senior Managing Director Nick Matt fronted the debt placement team which represented the landlord in the transaction.
Image courtesy of Yardi Matrix
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