PITTSBURGH-The Grant Building, the 461,935-square-foot office is garnering a refinancing of $32.25 million from Nationwide Real Estate Investments for its owner McKnight Realty Partners. The financing will cover acquisition and renovation costs for the property. The loan will be fixed-rate for 10 years at 5.25%. HFF arranged the refi for McKnight.
McKnight purchased the 37-story 310 Grant St. in 2006 for about $29 million from Sarofin Realty Advisors at an 8.8% cap rate. The property was originally constructed in 1928 and is 92% leased with a tenant roster boasting Huntington Bank and The Hillman Co.
The renovations to the property were for the elevators, bathrooms, common area hallways, the parking garage and for a rooftop garden for Huntington Bank.
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