The Waterworks, Pittsburgh

PITTSBURGH, PAHFF has secured $165 million in financing for a four-property retail portfolio totaling more than 1.9 million square feet in Pennsylvania and Ohio for locally-based J.J. Gumberg Co.

Fixed-rate loans were arranged on three of the properties, through CorAmerica Capital and JP Morgan Chase Bank, National Association. The fourth property obtained a floating-rate loan through CorAmerica. 

The portfolio includes two enclosed malls, a grocery-anchored retail center and a power center:

  • Clearview Mall, a 760,000-square-foot property, in Butler
  • The Waterworks, a 640,000-square retail center, in Pittsburgh
  • North Huntingdon Square, a 130,000-square-foot power center, in North Huntingdon
  • Northtowne Mall, 385,000 square feet, in Defiance, OH   

All of the properties are close to or fully occupied.

The HFF debt placement team was led by Gerard Sansosti, executive managing director, and senior analyst Brandi Wyskocil.

J.J. Gumberg Co. is a third-generation real estate investment and development company. It is one of the largest privately held retail real estate developers in the country.