The largest loans have been provided to two projects in Allegheny County. Pittsburgh-based Metro Burgh Properties LP obtained a $1.8-million loan to acquire and renovate a 156,000-sf office/warehouse building. At a total investment of $6 million, Metro Burgh is redeveloping the property into the Majewski Building, which it will lease to other companies.
MNB Limited Partnership, the owner of Braddock-based A.J. Silberman & Co. LP, a wholesale distributor to convenience stores, will use its loan of slightly more than $1.1 million to acquire and renovate a 117,900-sf facility in Indiana Township in Allegheny County. The project cost is $3.8 million and will retain 112 employees and create 46 new jobs.
With an $875,000 loan, PG Properties LP, an affiliate of Blacksburg, VA-based DE Technologies Inc., will acquire and renovate a 30,000-sf building in Upper Merion Twp. in Montgomery County. The $3.3-million project will be DE Technologies' second property in Pennsylvania. The company designs warheads and armor.
Wood roof and floor truss maker Penn Truss Systems LLC has obtained a $550,000 PIDA loan for construction of a 27,000-sf building in Middleburg Borough in Snyder County. The estimated project cost is $1.8 million.
JMS Recycling Inc.'s $350,000 loan will be used to acquire the vacant former Crane Plumbing Building in Somerset, Somerset County for $723,000. The scrap metal processing facility will house 10 existing JMS employees and create 15 new jobs.
Since 2003, PIDA has funded more than 330 projects totaling more than $320 million in loans, according to Rendell. The investments have resulted in the creation of more than 7,800 new jobs and the retention of more than 26,400 jobs, he says in a statement.
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