Dollar Bank Finances Mixed-Use Property Recapitalization In Pittsburgh For $23.4M

The $23.4 million recapitalization of 350 Oliver Garage in Pittsburgh was completed by JLL Capital Markets. The transaction included a $9 million ground lease bifurcation sale and $14.4 million financing for leasehold improvements. Piatt Industries sold the land to Woodbranch Investments Corp., securing leasehold financing through Dollar Bank. The property consists of a 570-space garage along with 23,000 square feet of retail space.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $23,400,000
• Address: 350 Oliver Avenue
• Market: Pittsburgh, PA
• Lender: Dollar Bank
• Landlord: Piatt Industries
• Brokers: Mark Popovich & Nick Unkovic - JLL
• Loan Type: Recapitalization

JLL Capital Markets, led by brokers Mark Popovich and Nick Unkovic from JLL, played a pivotal role in facilitating the $23.4 million recapitalization deal. Piatt Industries, the landlord, successfully executed the sale of the land to Woodbranch Investments Corp. and secured the necessary financing through Dollar Bank to enhance the mixed-use property's value.