$70 million permanent loan secured by HFF for lifestyle center in Pittsburgh
PITTSBURGH, PA – May 31, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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.
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.”
About AdVenture Development
AdVenture Development was founded in 2005 and is a multifaceted Real Estate Company providing Development, Acquisition, Property Management, Tenant Representation, and Consulting services. The Company’s primary market is the Mid-Atlantic Region including PA, OH, WV, VA, NC and SC.
Founder of AdVenture Development Kevin Dougherty, and his team strive to turn ideas into successful completed projects that exceed every expectation. AdVenture Development is based out of Selma, North Carolina. Kevin also serves as a consultant to several national retailers. For more information please visitwww.adventuredev.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.