HFF Arranges $70M Financing for Pittsburgh Lifestyle Center
- Jun 15, 2016
By Adriana Pop
The firm placed a 10-year, fixed-rate loan with Nationwide Life Insurance Co., working on behalf of the developer, AdVenture Development, and the borrower, a joint venture between Adventure/Champion Partnership and AdVenture Phase IV LP.
The more than 350,000-square-foot town center is part of a 130-acre mixed-use development that began construction in 2009 and was delivered in phases.
The retail component is anchored by Lowe’s Home Improvement, Dick’s Sporting Goods, HomeGoods, Trader Joe’s, CVS and Old Navy. A separate portion of the property, which was not included in the loan, features LA Fitness, a 12-screen Cinemark, Home2 Suites by Hilton and a residential development, all of which were sold off by the AdVenture/Champion partnership.
McCandless Crossing is situated at the signalized intersection of McKnight Road and Duncan Avenue, along a 4-mile stretch of McKnight Road, the main commercial and commuter highway traversing the North Hills area of Pittsburgh and accommodating more than 50,000 vehicles per day. The property offers easy access to Interstate 279 and is located in the heart of one of Pittsburgh’s most affluent suburbs.
David Nackoul, senior managing director, and Nat Scarmazzi, associate director, led the HFF debt placement team representing the owner.
“This financing culminates many years of hard work by AdVenture Development to bring a unique, best-in-class retail project to Pittsburgh,” Scarmazzi said in prepared remarks. “Nationwide Life Insurance Company was instrumental in developing a creative way to secure financing that met the borrower’s long-term vision for the property. The HFF team is privileged to have the opportunity play a part in bringing such an exciting project to the Pittsburgh area.”
Image courtesy of AdVenture Development