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Knighthead Funding Provides $10.9MM Loan for New Condominium Development in Pittsburgh

May 25, 2022, 06:00 AM
Filed Under: Real Estate

Knighthead Funding provided a $10.9 million condo inventory loan on the Lumiere at 350 Oliver Avenue, a new 86-unit luxury condominium building located in downtown Pittsburgh that was completed in 2021.

Since being brought to market in 2021, over 60 units have been sold or are under contract. The sponsor, Millcraft, a local real estate development and management company, will use Knighthead’s 24-month funding to refinance the in-place construction loan, with a portion of the proceeds to be used to market the remaining units for sale. “The robust initial sales during the height of the Covid-19 pandemic are a positive indicator of the interest in new housing in the CBD,” said Knighthead Principal, Jonathan Daniel.

Historically, there has been limited residential development in the commercial downtown area, however recently there has been a growing trend toward converting older buildings in the Central Business District into apartments, condominiums and destination retail. Lumiere at 350 Oliver Avenue is a rare, ground-up development in the CBD that gives residents looking to live in the city’s urban core a modern and highly amenitized building.

“Pittsburgh is experiencing a renaissance partially created by an influx of tech companies that is creating new jobs and driving demand for new downtown residential product,” said Knighthead Vice President, Peter Illuzzi.

The property is situated in the city of Pittsburgh’s Central Business District. It contains a mix of one-, two, and three-bedroom floor plans that feature floor-to-ceiling windows, and high-end finishes. The building includes ground-level retail and a parking garage, which occupies the first seven stories of the building.

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