Piatt Companies Secures $69 Million Loan From Dollar Bank For Tower Two-Sixty Recapitalization

The property asset involved in this transaction is Tower Two-Sixty, a 400,000-square-foot mixed-use tower located at 260 Forbes Avenue in Pittsburgh, PA. The asset is anchored by office, hotel, and retail space and serves as the headquarters for Piatt Companies. The transaction involves a loan amount of $69 million for recapitalization purposes.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $69,000,000
• Market: Pittsburgh, PA
• Lender: Dollar Bank
• Landlord: Piatt Companies
• Loan Type: Recapitalization
• Asset Size: 400,000 SF
• Occupancy Rate: 95.6%

The recapitalization transaction was structured through a ground lease arrangement, with Woodbranch Investments Corp. acquiring the land. JLL was responsible for arranging the transaction, reflecting the continued investor demand for stabilized trophy assets in the market.