 |
| David Nackoul |
PITTSBURGH, PA –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has secured a $70 million permanent
loan for McCandless Crossing, a
354,567-square-foot town center in the town of McCandless, a northern suburb of
Pittsburgh, Pennsylvania.
Working on behalf of the
developer, AdVenture Development, and the borrower, a joint venture partnership
between Adventure/Champion Partnership and AdVenture Phase IV, LP, HFF placed
the 10-year, fixed-rate loan with Nationwide Life Insurance Company.
The town center is part of
a 130-acre mixed-use development that began construction in 2009 and was
delivered in phases. The property is
anchored by Lowe’s Home Improvement, Dick’s Sporting Goods, HomeGoods, Trader
Joe’s, CVS and Old Navy.
Also part of the mixed-use
development, but not included in the loan collateral, are LA Fitness, a
12-screen Cinemark, Home2 Suites by Hilton and a residential development, all
of which were sold off by AdVenture/Champion Partners.
McCandless Crossing is
located at the signalized intersection of McKnight Road and Duncan Avenue along
a four-mile stretch of McKnight Road, the main commercial and commuter highway
traversing the North Hills area of Pittsburgh and accommodating more than
50,000 vehicles per day. McCandless
Crossing offers easy access to Interstate 279 and is located in the heart of
one of Pittsburgh’s most affluent suburbs.
 |
| Nat Scarmazzi |
The HFF debt placement
team representing the owner was led by senior managing director David Nackoul and associate director Nat Scarmazzi.
“This financing culminates
many years of hard work by AdVenture Development to bring a unique,
best-in-class retail project to Pittsburgh,” Scarmazzi said. “Nationwide Life Insurance Company was
instrumental in developing a creative way to secure financing that met the
borrower’s long-term vision for the property.
“ The HFF team is
privileged to have the opportunity play a part in bringing such an exciting
project to the Pittsburgh area.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
No comments:
Post a Comment