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The loan collateralized by Emerson Lofts was provided by New York City-based Madison Realty Capital and allows Manhattan Building Co. to complete the first phase of the fully approved project and fund pre-development on three subsequent phases.
The automobile finance firm will occupy a portion of the third floor of the Class A, 260,382-square-foot building owned by Onyx Equities, which is currently undertaking a capital improvement program.
The 26,174-square-foot property is fully leased by Allegheny Health Network, a subsidiary of Highmark Health Inc. No financial terms of the transaction were released.
Under the terms of the agreement, Realogy will receive $375 million in cash at closing, subject to certain adjustments, and a $25-million deferred payment.