Updated Oct 12, 2026
Beacon Communities Secures $5M Loan For Historic May Building Redevelopment
111 5th Avenue
$5,000,000
Units
88
Asset Type
MultiFamily
Closing
Nov 7, 2023
About this deal
AI
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.
On the Map
$5,000,000
MultiFamily
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Players
West Mifflin MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93