Popovich tells GlobeSt.com that the loan will replace short-termconstruction loans Horizon took out in order to construct the384,000-sf project. Despite the tightening of the credit markets,Popovich reports that there were no difficulties in securing theloan.


"I think it's a testament to Nationwide as a lender that, in themidst of this credit crisis, they funded this loan without andproblems," he says. "It would have been a very difficult deal toclose with anyone other than Nationwide. The integrity of thepeople there and the relationship that our two firms have with eachother made this possible. We do a lot of business with them andthey do a lot of business with us, and it's worked. They liked thedeal, they liked the sponsor."


Consol revealed its intentions to moveits headquarters from Upper Sainte Clair to Cannonsburg in 2006 andpartnered with Horizon in building the facility. The headquarters,completed in August 2008 and leased to Consol through 2028, consistof a three-story, 75,000-sf building and a four-story, 309,000-sfoffice building. Located in the Southpointe Office and IndustrialPark, the property is adjacent to Interstate 79, 15 miles fromPittsburgh's central business district. Consol, a major coalproducer and exporter, is expected to create upward of 400 jobs atthe site within three years.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.