Charles Street Investment Partners has secured a $33 million loan for the construction and stabilization of a 161-unit multifamily property in Pittsburgh, Pa.
According to Yardi Matrix data, planned amenities at the property include a fitness center and a swimming pool. The community is also set to have 156 parking spaces and 6,000 square feet of ground-floor retail.
Located at 5803 Centre Avenue, in the Shadyside submarket, the site is within walking distance of two hospitals: UPMC Shadyside Hospital and West Penn Hospital. The surrounding area has several retail and dining options, including East Liberty Shopping Center, which is within walking distance of the development. The project is also 2 miles from the University of Pittsburgh.
The borrower worked with ACRES Capital Corp. to secure the financing.
In May 2020, ACRES Capital originated a one-year, $13 million loan to finalize the development of Moderna at Rittenhouse, an 8-unit luxury community in Philadelphia. The financing was arranged on behalf of NRIA.