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| McCandless Crossing, Pittsburgh, PA |
PITTSBURGH, PA - HFF announced today that it has secured a
$58 million financing for McCandless Crossing, a 385,000-square-foot,
multi-phase mixed-use development in Pittsburgh, Pennsylvania.
HFF worked on behalf of the borrower, AdVenture Champion
Partnership, to secure the three-year construction loan through Dollar
Bank.
Proceeds from the loan were used
for construction of the fourth and final phase of the development and to
refinance the existing bridge loan secured by Phase I and Phase II.
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| Nat Scarmazzi |
McCandless Crossing is located at the intersection of
McKnight Road (Route 19) and Duncan Avenue in Pittsburgh.
Constructed between 2010 and the present,
the property is a four-phase development with the existing three phases leased
to tenants such as Lowe’s, CVS, LA Fitness and Fidelity Bank.
The fourth phase is 50 percent pre-leased
with construction slated for completion this year. Phase IV will include a 12-screen movie theater, residential land
for the development of 58 townhomes, a 135-room hotel and approximately 185,000
square feet of retail space.
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| David A. Nackoul |
Kevin Dougherty, principal of the borrower, has
worked for more than a decade to assemble the contiguous tracks of land used
for the development McCandless Crossing.
The property is situated along one of the premier developing corridors
in the Pittsburgh market and is located within one of the most desirable
submarkets in the MSA.
The
HFF team representing the borrower was led by senior managing director Dave
Nackoul and real estate analyst Nat Scarmazzi.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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