PITTSBURGH, PA—First Niagara's Commercial Real Estate Group in Plymouth Meeting, PA has closed on a $40 million loan with PMC Property Group, Philadelphia, for the continued redevelopment of a mixed-use property in downtown Pittsburgh, PA. Once complete, the site will include 241 class-A, multi-family units, 133,000 square feet of office space and 6,200 square feet of retail – including two restaurants and a coffee and juice bar.
Formerly the Alcoa Building, the property is located at 425 Sixth Avenue in Pittsburgh. Completed in 1953, the 410-foot, thirty-story skyscraper was designed for the headquarters of the Aluminum Company of America and uses unique aluminum construction. The building's distinctive character will be maintained while redeveloping it into a class-A, mixed-use property.
“First Niagara is committed to creating lasting relationships with the region's most respected commercial developers,” says Theresa Kelly, First Niagara's vice president of Commercial Real Estate, who is managing the transaction for the bank. “PMC Property Group is a shining example of a company that is repurposing buildings for modern uses and we are proud to partner with them on this transaction.”
Under PMC's direction, construction is expected to be completed by March 2016. The architect for the project, Strada, which has offices in both Pittsburgh and Philadelphia, is also a tenant of the building.
A portion of the loan was syndicated to Citizens Bank.
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