525 William Penn Place

October 11, 2016 Comments Off on $98M Finance Package Drives 42-Story Office Tower Buy Views: 393 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

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