JLL Arranges Recapitalization of Downtown Pittsburgh Mixed-Use Property

PITTSBURGH — JLL has arranged the recapitalization of Tower Two-Sixty, a mixed-use property in downtown Pittsburgh. Completed in 2016, Tower Two-Sixty consists of 130,000 square feet of office space, 14,000 square feet of retail and restaurant space, a 197-key Hilton-branded hotel and a 321-space structured parking garage. Valued at $69 million, the recapitalization entailed a ground-lease bifurcation sale of the land and financing of the leasehold improvements. Working on behalf of the owner, local developer Piatt Cos., JLL’s Nick Unkovic and Mark Popovich procured the buyer for the land component, Woodbranch Investments Corp. The duo also worked to secure the leasehold financing through Dollar Bank.