525 William Penn Place

October 11, 2016 Comments Off on $98M Finance Package Drives 42-Story Office Tower Buy Views: 273 National News, Northeast, Pennsylvania

$98M Finance Package Drives 42-Story Office Tower Buy

A financing package from ACORE Capital helped Pearson Partners to purchase the 42-story 525 William Penn Place in Pittsburgh, PA. Pearson Partners acquired the 942,000 square-foot property from Bank of New York Mellon. The seller has been selling real estate assets to cut costs.

ACORE’s Stuart Silberberg originated the financing package, which included a first mortgage, mezzanine loan and preferred equity. The debt has a six-year term.

BNY Mellon will vacate the two-thirds of the William Penn Place it occupies during the next few years. The bank occupies six floors.

Read More at Commercial Observer

Connect with ACORE’s Silberberg

For comments, questions or concerns, please contact Amy Sorter

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