HFF announces $42M refinancing of the Grant Building in Pittsburgh
PITTSBURGH, PA – September 13, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $42 million refinancing of the Grant Building, a 461,007-square-foot office tower in Pittsburgh, Pennsylvania.
The HFF team worked on behalf of the borrower, McKnight Grant Building Associates LP, an affiliate of Pittsburgh-based McKnight Realty Partners, to secure the 10-year, fixed-rate first mortgage loan through Starwood Mortgage Capital and the 10-year mezzanine loan through Morrison Street Capital.
The Grant Building is located at 310 Grant Street in Pittsburgh’s central business district. Its location at the intersection of Grant Street and Fourth Avenue places it within close proximity to Interstates 376 and 279, two primary thoroughfares connecting the city to the greater Pittsburgh metropolitan area. Additionally, the 37-story property is located within two blocks of the First Avenue T station. The Grant Building is one of the most recognizable in the Pittsburgh skyline and offers ground floor dining and retail as well as integral parking and views of the entire city. At 90 percent occupied, key tenants include Huntington Bank, The Hillman Company and Sisterson & Company.
The HFF debt placement team representing the borrower included executive managing director Gerard Sansosti and senior managing director Nick Matt.
About McKnight Realty Partners
McKnight Realty Partners is a full-service, fully-integrated real estate company that has developed, owns, operates, and provides services for a portfolio in excess of seven million square feet of office, industrial, retail, hotel, parking facility, film production soundstages, and mixed use property. McKnight has focused its efforts on the adaptive reuse and repositioning of quality office building assets and landmark properties, pursuing development and investment opportunities throughout the country with a primary focus on its hometown, Western Pennsylvania. With 60 years of real estate experience, McKnight prides itself on providing best-in-class space to its tenants, great service to its customers, and high returns to its investors. McKnight Realty Partners is owned by The Rudolph and Perlow Families.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.