Beacon Communities Secures $5M Loan For Historic May Building Redevelopment | 111 5th Avenue | HUD | MultiFamily | Loan

Summary

Loan

PENNSYLVANIA

MultiFamily

Beacon Communities has been awarded a $5 million grant from the Department of Housing and Urban Development (HUD) and Inflation Reduction Act’s Green and Resilient Retrofit Program (GRRP) for the redevelopment of the historic May Building at 111 Fifth Avenue in downtown Pittsburgh. The property is a multifamily asset with 88 units, located in Pittsburgh, PA.

Summary of transation details

Property Type: Multifamily
Transaction Amount: $5,000,000
Address: 111 5th Avenue
Market: Pittsburgh, PA
Lender: Michael Horvath - HUD
Landlord: Dara Kovel - Beacon Communities

The loan for the redevelopment project was provided by Michael Horvath from HUD. Dara Kovel represents Beacon Communities as the landlord in this transaction.

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Lenders
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HUD

Details

Deal Summary

FINANCED

IMAGE: Michael Horvath & Dara Kovel DATE: 11/07/2023 ADDRESS: 111 5th Avenue MARKET: Pittsburgh, PA ASSET TYPE: Multifamily ~ UNITS: 88 LENDER: Michael Horvath - HUD LANDLORD: Dara Kovel - Beacon Communities LOAN AMOUNT: $5,000,000 NOTE: Beacon Communities has been awarded a $5 million grant from the Department of Housing and Urban Development (HUD) and Inflation Reduction Act’s Green and Resilient Retrofit Program (GRRP) for the redevelopment of the historic May Building at 111 Fifth Avenue in downtown Pittsburgh.

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Address111 5th Avenue

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