October 11, 2016
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.
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