900 Penn – Cultural District
25 unit residential loft apartment building containing 5,000 square feet of commercial space.
SIF loan filled the large gap between developer equity and conventional mortgage financing that was typical in the financing of Downtown housing developments at the time.
This pioneering conversion of a vacant 40,000 square foot industrial building provided significant impetus to the then nascent Downtown housing movement.
2501 Smallman – Strip District
52,956 foot urban flex office building.
SIF loan completed the financing structure allowing the project to go forward.
Contributes to the mixed-use development of an 11 acre brownfield site that, upon completion, will contain more than 250,000 square feet of office space, 300 market rate rental units and structured parking.
Ace Hotel Pittsburgh – East Liberty
Redevelopment and conversion of the former YMCA in East Liberty to an Ace Hotel.
The hotel contains 63 guest rooms, a 120 seat restaurant, a 40 seat cafe and 7,100 square feet of meeting space.
The project involves the reclamation of an historic structure and represents an important step in the continuing revitalization of East Liberty.
The Alcoa Building – Downtown
365,000 square foot former Alcoa headquarters building.
SIF loan financed tenant improvement work and associated project costs allowing early occupancy.
The building was purchased by an out of town investor who converted a substantial portion into market rate apartment units and its first floor into three restaurant venues.
The Allegheny Apartments – North Side
75 apartment units for senior citizens.
SIF loan responded to a critical construction schedule and allowed the project to commence before conventional financing was in place.
The facility provided housing for senior citizens relocated from a building razed for the construction of PNC Park.
Aria Lofts – Cultural District
40 market rate apartments in the heart of the Cultural District.
The project reclaims the vacant upper five floors of a building of which only the street level retail space was occupied.
Furthers the goal of increasing the number of Downtown residents.
Furthers the goal of utilizing vacant upper floor space.
Assures a desired use of an underutilized building in the Cultural District.
Automated Healthcare Building – Washington’s Landing
52,500 square foot building containing office, laboratory and warehouse space.
SIF loan lowered project financing costs, enabling the developer to provide a below-market lease rate that attracted an early stage company.
The tenant was a growing pharmaceutical distribution company that created 100 jobs within the City limits and was ultimately acquired by a major drug company.
Bakery Square – East Liberty
495,000 square foot vacant bakery building.
SIF loan bridged a State of Pennsylvania combination loan and grant financing, enabling a purchase and timely reopening of the bakery.
The facility contributed to the creation of 400 jobs prior to its unfortunate second closure. It has now been successfully redeveloped as the multi-use Bakery Square project that supports East Liberty’s resurgence.
Bridgeside Point I – Pittsburgh Technology Park
153,000 square foot speculative building containing office and laboratory space.
SIF loan financed a gap between the first mortgage loan and developer equity, permitting the project to commence prior to leasing.
Located on a redeveloped brownfield site, the building is 100% leased and serves as the headquarters of Thermo Fisher Scientific.
Bridgeside Point II – Pittsburgh Technology Park
161,000 square foot speculative building containing office and laboratory space.
SIF loan filled a financing gap enabling the project to commence prior to leasing.
The building is located on a redeveloped brownfield site. A substantial portion has been dedicated to wet laboratory space needed by the Region’s research community.
The building is now fully occupied by the University of Pittsburgh.
Cambria Suites Hotel – Lower Hill District
142 room all suites hotel located immediately adjacent to Consol Energy Center.
SIF loan filled the gap between developer equity and conventional mortgage financing.
This project represents a significant addition to the Lower Hill District. Together with the PPG Paints Arena, it dramatically enhances the District’s redevelopment prospects.
Century Building – Cultural District
Building containing 30 affordable and 30 workforce apartment units, 6,900 square feet of retail space and 5,700 square feet of office space.
SIF loan provided long-term financing under terms not available in the conventional mortgage market.
This conversion of an 81,000 square foot office building offers a Downtown housing option for those otherwise unable to afford it and improves the diversity of the Downtown residential population.
Chocolate Factory (Phases I & II) – Lawrenceville
70,000 square foot building containing office and advanced manufacturing space.
SIF Phase I loan enabled early completion of the speculative renovation of a building immediately adjacent to the RIDC’s Lawrenceville Technology Center and Carnegie Mellon’s Robotics Engineering Institute.
Reclaiming a brownfield site, the facility provides ready expansion space for the Robotics Institute and available shelf space for advanced manufacturing and technology companies.
SIF Phase II loan financed tenant improvements that induced a rapidly growing biomedical company to expand within City limits.
The Cigar Factory – Strip District
65,000 square foot loft-style office building.
SIF loan closed a financing gap created by significant rehabilitation and environmental remediation costs that could not be financed conventionally.
This conversion of a vacant and deteriorated complex of industrial buildings in the Strip District is now 98% occupied.
Courtyard Pittsburgh Downtown – Cultural District
182-room Marriott Courtyard Hotel.
SIF loan closed the gap between developer equity and a conventional first mortgage loan.
This conversion of four properties into a full-service hotel provides much needed additional hotel rooms for Convention Center attendees and enhances the upper Penn Avenue area of the Cultural District.
District 15 (Strip District)
District 15”, an approximately 100,000 square foot Class A office building and 150 surface parking spaces planned to be developed on a 2.2-acre site located at 15th and Smallman Streets in the Strip District neighborhood of the City of Pittsburgh.
Eastside Phase IIA – East Liberty
45,000 square feet of retail and office space adjacent to the Whole Foods site in East Liberty.
Loan proceeds along with traditional first mortgage funds and New Markets Tax Credits proceeds financed the project.
The Eastside project, expanded by this second phase, acts as a catalyst in the continuing redevelopment of East Liberty.
Eastside Phase III – East Liberty
A multi-stage development that includes 43,000 square feet of retail space, 357 market rate apartment units and a 566 space parking facility.
SIF loan augmented a conventional first mortgage loan filling the gap between cost and conventional financing proceeds.
The project is a significant contributor to East Liberty’s resurgence and furthers the goal of increasing the number of new housing units within the City.
Emerald on Centre – East Liberty
172 unit class A apartment building.
SIF loan completed the financing structure enabling the development to proceed.
The project will add to the City’s growing stock of market rate housing and will further a revitalization of the Centre Avenue corridor.
Emerald on Centre (East Liberty/Shadyside)
Emerald on Centre will be a six story building containing parking, a fitness center and leasing office on the first floor and five floors above containing a total of 172 market rate apartments.
EVEN Hotel (Downtown)
EVEN Hotel, a 155-room hotel under development by Borrower within a condominium parcel containing floors 5 and 6 and other common areas (the “Project”) in the former Macy’s building located at 425 Forbes Avenue, Pittsburgh, PA (the “Building”). Other than the Project, the Building is owned by a third party (unaffiliated with Borrower) named Core Realty (“Core”) obligated to complete certain Building systems and other improvements necessary for completion and operation of the Project.
Fay-Penn Call Center – Fayette County
43,500 square foot call center.
SIF loan facilitated the purchase and conversion of a vacant retail building into a multi-purpose facility, the majority of which is now occupied as a call center employing 250 people.
The project provided a significant number of jobs in Fayette County, which has among the highest unemployment rates in southwestern Pennsylvania.
Fifth Avenue School Lofts – Lower Hill District/Uptown
65 market rate apartment building.
SIF loan completed the financing package that permitted a repurposing of the former Fifth Avenue High School.
The project involves the adaptive reuse of an historic structure and enhances prospects for the continuing redevelopment of the Uptown/Lower Hill District.
Former Central Medical Pavilion – Lower Hill District
300,000 square foot closed hospital facility.
SIF loan enabled a purchase of the building by the Pittsburgh Penguins organization as part of their plans for a new arena.
The building was sold to the Sports and Exhibition Authority and subsequently demolished to accommodate construction of the what is now the PPG Paints Arena.
Hot Metal Flats – South Side
115 unit class A apartment building.
SIF loan filled a gap in the financing structure enabling the development to proceed.
The project provides a significant addition to the City’s market rate housing stock.
Lawrenceville Technology Center – Lawrenceville
14 acre former industrial site.
SIF loan financed a purchase of the vacant former Heppenstall property for redevelopment.
This brownfield reclamation provides technology manufacturing space immediately adjacent to the Carnegie Mellon University Robotics Center. By offering readily available, fully renovated flex space for advanced manufacturing companies, the project provides a venue for future collaborative opportunities.
Lot 24 – Strip District
96 unit Class A apartment building.
SIF second mortgage proceeds funded a timing gap between the payment of construction bills and the funding of a State grant.
The project furthers the goal of increasing the number of Downtown residents.
McKeesport Commons I & II – Industrial Center of McKeesport (Mon Valley)
840,000 square foot former Pipe Mill building of the National Tube Works of United States Steel Corporation converted to a multi-use facility.
Two SIF loans bridged public fundings enabling the developer to proceed with improvements in a timely fashion.
This reclamation and adaptive reuse of a vacant industrial site located in the economically depressed Mon Valley resulted in the creation of 2,500 jobs.
McKeesport Manor 2 – McKeesport
87,000 square foot multi-purpose building which was part of the former U.S. Steel National Works.
SIF loan augmented public financing, allowing the project to proceed and the developer to offer attractive lease rates.
This reclamation and adaptive reuse of a vacant industrial building now houses a start-up company that has the potential for significant expansion while currently providing 20 jobs.
Meadow Ridge Center – Greene County
108 acre industrial park.
SIF loan bridged public funding commitments enabling the project’s early completion.
This development set a high standard for future projects in the area and provided the economically depressed Greene County with a business park that has attracted new businesses and significantly increased employment.
Northfield Phase I – Findlay Township
Originally conceived to provide build-ready pad sites adjacent to runway #10L-28R at the Pittsburgh International Airport.
SIF loan completed a financing package that funded the infrastructure work necessary for future development.
The project was subsequently reoriented to provide for an expansion of the headquarters of Dick’s Sporting Goods.
North Shore Parking Garage – North Side
Parking garage containing 1,321 parking spaces and 5,200 square feet of retail space.
SIF loan augmented a conventional first mortgage loan filling the gap between cost and conventional financing proceeds.
The parking provided by the garage is essential to the continuing development of the area of the North Shore between Heinz Field and PNC Park.
With the light rail connector completed, it now offers additional parking for commuters who work in the Golden Triangle.
The Oliver Building – Downtown
Historic office building containing 460,000 square feet on 25 floors.
SIF loan filled a gap in a financing structure that funded a retenanting of the building, the conversions of floors 14 through 25 into a 225 room Embassy Suites Hotel, revitalization of the mechanical systems and a restoration of the facade.
Redevelopment of the building brought an iconic structure in a critical Downtown location back to prominence.
One Hope Square – Hill District
30,000 square foot building containing 21,000 square feet of office space and 9,000 square feet of first floor retail space.
SIF second mortgage loan commitment allowed the developer to attract the other financing necessary to complete the project.
This building offers a first-rate location for office and retail tenants in the economically evolving Hill District.
Penn Garrison Lofts – Cultural District
117 market rate apartment building that also contains 34,000 square feet of commercial space.
SIF loan filled a gap caused by costs in excess of value as has been typical in the conversion of in-city buildings for residential use.
This project furthered the move to increase the number of Downtown housing units and served as a model for the various financing elements required of the private, public and foundation communities for the development of Downtown housing.
Piatt Place – Downtown
Sixty-five condominium units constructed in the air rights above the former Lazarus building.
SIF loan filled a gap that was created when the first mortgage loan commitment was unexpectedly reduced as a result of turmoil in the national financial markets.
This pivotal project is a vital part of the Downtown housing effort. Without SIF’s involvement, timely completion would have been problematic.
Power of 32 Site Development Fund – Southwestern Pennsylvania
Investment of $20 million in a $49 million fund formed to finance early stage site development.
The fund addresses the Region’s lack of large shovel-ready industrial sites.
Market area comprised of 32 counties in Western Pennsylvania, Eastern Ohio, Northern West Virginia and Northern Maryland.
All projects utilizing Strategic Investment Fund money must be located in Allegheny County or counties contiguous to it.
Pullman Center Business Park – Butler County
44.5 acre portion of the former Pullman Standard industrial site.
SIF loan bridged the funding of a State of Pennsylvania grant enabling the borrower to close on a land purchase in a timely fashion.
Redevelopment of the property involved remediation of a brownfield site, installation of infrastructure and the creation of individual building pads that are currently being marketed.
Pullman Commons – Butler County
Building containing 20,000 square feet of multi-tenant flex space.
SIF loan bridged a State of Pennsylvania loan funding to enable early completion of a speculative building that initially served as shelf space for the attraction of new companies and is now fully occupied.
This project was built on the former Pullman Standard property in Butler, a brownfield site.
Renaissance Pittsburgh Hotel – Cultural District
300 room Marriott Renaissance Hotel.
SIF loan closed a financing gap resulting from the extremely high cost of renovation not supported by market room rates.
This conversion of a vacant and deteriorated office building into a luxury hotel removed a prominent eyesore and addressed a shortage of first-class Downtown hotel rooms.
Riverfront East @ Three Crossings- Strip District
134,000 square foot office building leased to a major law firm that relocated to the Strip District.
SIF loan completed the financing structure allowing the project to commence ahead of schedule.
Furthers the mixed use development of an 11 acre brownfield site that will ultimately contain more than 250,000 square feet of office space and 300 market rate rental apartment units.
Riverfront West (Strip District)
Riverfront West will be the third office building in Oxford’s Three Crossings development with SIF having participated in the financing of the first two. At completion, the development will have repurposed 11 acres of brownfield and former industrial properties and will contain 370,000 square feet of office space, complimentary retail and over 575 structured parking spaces in addition to the already completed 300 upscale residential units.
River’s Edge Apartments – Oakmont
35 unit class A apartment building.
SIF loan completed a financing structure that enabled the development to proceed.
The project is located on the former Edgewater Steel property and furthers the redevelopment of a brownfield site that will ultimately contain 180 single and multi-family residential units.
River’s Edge of Oakmont II (Oakmont)
River’s Edge of Oakmont II will be a four story rental apartment project that will contain 50 units and 15 parking spaces. A total of 35 covered spaces will be housed in an adjacent structure. Additionally to be constructed is a recreation and health facility that will consist of a 25’ x 50’ swimming pool, an exercise facility and changing rooms.
RIDC Park West Building One – Findlay Township
30,000 square foot light manufacturing building.
SIF second mortgage loan proceeds financed tenant improvements required by a lease with an expanding robotics manufacturing company.
The company’s new venue now serves as both its headquarters and primary manufacturing location.
Spinning Plate Artist Lofts – East Liberty
55,000 square foot building containing 37 live/work apartment units for members of the local artist community.
SIF loan enabled the project’s early completion by funding the nonprofit developer’s equity requirement in advance of his receipt of tax syndication proceeds.
This conversion of a vacant automobile dealership provides a venue for emerging artists and served as one of the initial redevelopment projects in the East Liberty corridor.
StartingGate – Beaver County
Development of a 75,000 square foot multi-tenant office and light manufacturing building by a non-profit corporation whose mission is to promote the development of entrepreneurs and small businesses in Western Pennsylvania.
The SIF first mortgage construction line of credit served to fund timing gaps between the payment of construction invoices and reimbursement from various grant sources.
The project provides much needed business incubator space in Beaver County.
The Tower at PNC Plaza (Wood Street Pizza Hut Building) – Downtown Pittsburgh
3,000 square foot former Pizza Hut located on Wood Street.
SIF loan financed a purchase of the property by the Urban Redevelopment Authority.
The building was adjacent to two properties that were already owned by the Authority.
The loan enabled the Authority to combine the buildings with two others and warehouse them pending future development of the full block. All three properties have now been purchased by PNC and were razed in conjunction with the construction of their new headquarters tower.
Tower Two-Sixty – Downtown
Multi-purpose building containing 120,000 square feet of office space, a 198 room hotel and 13,000 square feet of retail space.
SIF loan bridged a grant from the State of Pennsylvania.
The project completed the successful redevelopment of Market Square.
Turnpike Distribution Center – Beaver County
410,000 square foot speculative Class A warehouse building.
SIF loan filled a financing gap enabling the project to commence prior to leasing.
The project resulted in 400 jobs and contributed to filling the Region’s need for an estimated 7,000,000 square feet of additional Class A warehouse space necessary for it to compete as a viable distribution center.
West Hills Commons – Armstrong County
30,000 square feet of multi-tenant flex space.
SIF loan augmented public funding, enabling the construction of a speculative building that provides shelf space necessary to attract new and expanding companies.
The project attracted the U.S. Navy Center of Excellence in Electro-Optics Manufacturing. The property is 100% leased with a number of the other tenants engaged in uses related to the medical industry.
Westinghouse Building – Strip District
40,000 square foot office and light manufacturing building.
SIF loan augmented a conventional first mortgage financing enabling the redevelopment project to proceed.
This building was the original Westinghouse Electric Corporation headquarters, research and manufacturing facility. The project involved the reclamation and adaptive reuse of a historically significant structure that is now home to the Pittsburgh Opera.