PITTSBURGH-The locally based owner of the eight-story office building at 650 Washington Rd .in the South Hills submarket has obtained $10.7 million in financing. The loan has a 10-year term with a 30-year amortization at a fixed rate of 5.91%.
Jim Starman, managing director of the local office of CBRE Melody, arranged the loan from Des Moines-based Principal Commercial Funding LLC. The owner, identified only by an entity named after the building's address, "was in the process of relocating and expanding a number of tenants in the building and needed some flexibility in funding," Starman tells GlobeSt.com.
The 94,000-sf property was built in the 1960s and is currently 95% leased. "It's not class A because of its age," Starman says, "but it's one of the better buildings in the heart of the Mt. Lebanon business district, in a premier location, and it has three floors of interior parking."
Among the tenants are Linn Energy and the law firms of Cipriani and Werner PC and Riley, McNulty, Hewitt & Sweitzer. On condition of anonymity, a Pittsburgh broker tells GlobeSt.com the asking rent rate is probably in the range of $20-plus per sf.
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