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PITTSBURGH-The 285,000-sf Two Chatham Center and its 2,300-space parking garage have been used to secure a $47-million loan from a life company lender. The financing represents 60% of the market value of the class A high rise, which is part of a three-building mixed-use complex in the CBD.

According to Allegheny County tax records, the building at 115 Washington Place has been owned since March 1982 by the Urban Redevelopment Authority of Pittsburgh. Internet research shows it’s overseen by Chatham Center Management Co.

According to a CBRE press release, the loan has a seven-year term with a 30-year amortization. The interest rate is based on the seven-year US Treasury. A source tells GlobeSt.com that the refinance was a complex deal due to the current state of the credit market that allowed the owner to pay off maturing debt and pick up some extra cash with the new funding vehicle. County tax records show the asset’s mortgage agent is First American Commercial Real of Irving, TX.

Two Chatham Center, developed in 1981, sits on 4.3 acres beside Mellon Arena and close to the Amtrak station. The 85%-leased landmark building has a “balanced rent roll with steady rollover,” according to the CBRE press release. Lead tenants include the University of Pittsburgh Medical Center, Travelers Insurance Co., Access Data Corp., the National Labor Relations Board and the US Secret Service. The asset’s six-story garage, renovated in 1990 and 1998, is the largest in the city.

The refinancing was arranged by CB Richard Ellis executive vice president Keith Braddish and vice president Jason Gaccione, both in the New York City office, and vice presidents Jamie Shafer and Chris Sheedy in Pittsburgh.

Additional reporting by Connie Gore, National News Editor.

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