PITTSBURGH, PA-HFF announced today that it has secured a $58 million financing for McCandless Crossing, a 385,000-square-foot, multi-phase mixed-use development here.
HFF worked on behalf of the borrower, AdVenture Champion Partnership, to secure the three-year construction loan through Dollar Bank. Proceeds from the loan were used for construction of the fourth and final phase of the development and to refinance the existing bridge loan secured by Phase I and Phase II.
The development is located at the intersection of McKnight Road (Route 19) and Duncan Avenue in Pittsburgh. Construction of the development began in 2010. The first three buildings have been leased to tenants including Lowe's, CVS, LA Fitness and Fidelity Bank.
The fourth phase is 50% pre-leased, with construction to be completed this year. It will include a 12-screen movie theater, residential land for the development of 58 townhomes, a 135-room hotel and approximately 185,000 square feet of retail space.
Kevin Dougherty, a principal of AdVenture Champion, has worked for more than a decade to assemble the contiguous tracks of land used for the development McCandless Crossing.
The HFF team representing the borrower was led by senior managing director Dave Nackoul and real estate analyst Nat Scarmazzi.
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