JLL Capital Markets announced that it has secured a $67 million construction financing for 21 West, a 291-unit urban upscale multifamily development project in Pittsburgh, Pennsylvania.
JLL worked on behalf of the borrower, a joint venture between Oxford Development Company and RDC, in arranging the four-year floating rate construction loan through Dollar Bank.
Pittsburgh continues to be a thriving metro area with a strong economy, highly educated workforce, and exceptional quality of life. The North Shore neighborhood, in particular, has seen significant growth and revitalization in recent years, attracting young professionals and families alike.
21 West, a striking 11-story residential complex, will offer a contemporary living experience with 313,000 square feet of living and amenity space. This modern apartment community features a diverse range of studios, one- and two-bedroom units, all designed with high-end finishes. Residents will enjoy a host of best-in-class amenities, including 11th floor sky bar, second-floor rooftop deck with resort-style pool, concierge services, co-working space, cross-fit-style gym and wellness suite.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Nick Unkovic and Associate Zach Barone.
“The successful construction financing for 21 West underscores the continued strength of the Pittsburgh multifamily market,” said Unkovic. “This project’s strategic location on the North Shore and its unparalleled amenity package make it an attractive investment opportunity in today’s market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
