Multifamily news in Market Rate Housing - Pittsburgh
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Solomon Org. Acquires Pittsburgh Community for $41M
The buyer financed the acquisition of the 316-unit property with a $32.4 million Freddie Mac loan originated by M&T Bank.
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Pittsburgh Community Changes Hands
The 124-unit Class C property was sold for nearly $5 million. The new owner financed the transaction with a $7.5 million acquisition and development loan.
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Top 10 Pittsburgh Apartment Owners
The metro's slow-but-steady economic growth is reflected in an insignificant rise in apartment rents and tepid housing demand, with public authorities making up nearly half of the biggest owners.
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PA Community Receives $9M Freddie Mac Loan
The borrower used the current loan to pay off debt service and prepayment penalty, while also recovering trapped equity, which will be reinvested into the apartment community.
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Beacon Communities Buys NDC, $250M Portfolio
The residential development company now owns National Development Corp. and its 59 properties, most of which are affordable communities. The portfolio is valued at more than $250 million and expands Beacon’s portfolio to 14 states.
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Milhaus Breaks Ground on Pittsburgh Mixed-Use Development
Arsenal 201 will be one of the largest redevelopment projects in the Lawrenceville area of Pittsburgh.
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Milhaus Unveils Arsenal Terminal Redevelopment Plan in Pittsburgh
A 625-unit apartment community proposed by Milhaus Ventures could soon rise in Lawrenceville, one of the largest neighborhoods in Pittsburgh.
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Major Multifamily Projects in Pittsburgh Receive $90M Financing through Huntington Bank
As part of a public-private neighborhood revitalization effort, two major mixed-use apartment developments in Pittsburgh have received a total of $90 million in loans through Huntington Bank’s commercial real estate division.
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Village Green Joins Soffer to Develop New Apartments in Pittsburgh’s SouthSide Works
The Soffer Organization has partnered with Village Green Associates of Detroit to develop a new apartment building in the city’s SouthSide Works. The Pittsburgh Business Times reports that the structure would include between 215 and 262 one- and two-bedroom residences.