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Faros Properties Secures $127.5M Refi on Nova Place, 106 Isabella

HFF Places Five Year Loan on 1.3M-SF Pittsburgh Office Portfolio with Wells Fargo
September 18, 2017
Faros Properties LLC has secured a $127.5 million loan on its Nova Place and 106 Isabella office properties in Pittsburgh, PA.

Gerard Sansosti and Nick Matt with Holliday Fenoglio Fowler (HFF) LP led the debt placement team that arranged the financing on behalf of the borrower. The five-year, floating-rate loan was provided by Wells Fargo.

Nova Place, a former urban mall that was converted into office use in the early 1990’s, comprises three office complexes totaling 1.25 million square feet across the Concourse, Tower 1 and Tower 2 in addition to a 3,000-stall parking garage. The asset is 86 percent leased to multiple tenants including PNC Bank, Microbac, Continental Broadband, Confluence, Union Fitness, United Healthcare and Alloy 26. Situated on Pittsburgh’s North Shore, Nova Place is directly across the Allegheny River from the central business district and convenient to nearby amenities, including PNC Park, Heinz Field, Carnegie Science Center and the Warhol.

Four North Shore Center at 106 Isabella St., which totals 87,050 square feet, is located at the southwest corner of Sandusky Street, adjacent to the Warhol in the city's Greater Downtown submarket. The nine-story office building was originally constructed in 1905 and is currently vacant, listed for lease with Jeremy Kronman and Andrew Miller at CBRE.
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