REBusinessOnline

Maverick Commercial Arranges $47M Refinancing for Office Portfolio in Pittsburgh

Part of a six-building office portfolio in Pittsburgh that was recently refinanced.

PITTSBURGH — Maverick Commercial Mortgage has secured $47 million in refinancing for a six-building office portfolio in Pittsburgh. Located within the Parkway West Corridor submarket, the property features 585,000 rentable square feet. Maverick Commercial secured a 10-year, fixed-rate loan with a 30-year amortization schedule through a national lender for the borrower, a joint venture between JDI Realty and Market Street Real Estate Partners. The borrowers acquired the property in 2014. Since acquisition the borrowers have added a new food hall and tenant fitness center, and have performed extensive renovations to corridors, bathrooms and building lobbies. The property is currently 87 percent occupied.

 

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