Pieces Fall into Place for US Steel Tower Sale
Globe St reports: The US Steel Tower, Pittsburgh’s tallest building, has been in contract for several months, according to Real Capital Analytics (RCA, as its pending buyers line up acquisition financing. Now the buyer group, led by Mark Karasick, has secured a UBS-originated $220 million conduit loan from New York-based Meridian Capital to purchase the property. According to GlobeSt.com, the 10-year, fixed-rate loan has “favorable” terms and will cover more than three-quarters of the tower’s pending contract price, which RCA has listed at $250 million.
The property transaction, with the sellers including a partnership between AREA Property Partners and Winthrop Realty Partners, has been a bit of a saga over the past several months. The current partnership team sought to market the property after having difficulty refinancing existing debt in September 2010. Last December, Five Mile Capital, the junior lender to AREA and Winthrop, began foreclosure proceedings but suspended those plans once it became clear the owners were serious about selling the property. Mr Karasick’s group entered into contract for the 2.3 million-square office tower in February, but have held up the deal to pursue financing options.
View the full article on Globe St: Pieces Fall into Place for US Steel Tower Sale
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Posted by: Nina Turner