Oxford Development Company & RDC Secures $67 Million Construction Loan For Development Site In Pittsburgh
430 West General Robinson Street
$67,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 22, 2025
AI
The asset involved in this transaction is a development site located at 430 West General Robinson Street, in Pittsburgh, PA. This site will host 21 West, a 291-unit upscale multifamily development consisting of an 11-story building that will provide modern amenities in a strategic location near major attractions. The construction loan secured for this project amounts to $67,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $67,000,000
- Lender: Dollar Bank
- Landlord: Oxford Development Company & RDC
- Loan Type: Construction
- Loan Terms: four-year floating rate
- Brokers: Nick Unkovic & Zach Barone - JLL
JLL Capital Markets played a crucial role in securing the construction financing for this project, representing the joint venture between Oxford Development Company and RDC. The development site is set to contribute significantly to the North Shore area of Pittsburgh, underlining the collaborative efforts of the entities involved in bringing this project to fruition.
Players
Pittsburgh Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93