Brown Gibbons Lang & Company (BGL) is pleased to announce the financial closing of Heinz at 950 North Shore for MCM Company, Inc. (MCM). BGL’s Real Estate Advisors team served as the exclusive financial advisor to MCM in the transaction. The property was refinanced with Asia Commercial Real Estate (ACRE) in order to retire the existing senior loan with Basis Investment Group and extend the maturity of the loan beyond the contractual compliance period with the historic tax credit investor.
This is the second time the project has been refinanced since the historic tax credit structure was established as part of the initial construction financing in 2015. The ACRE financing was achieved in coordination with numerous capital sources involved in the 2015 closing, including Cedar Rapids Bank and Trust, the Urban Redevelopment Authority, and East West Bank, through its syndicator and underwriter, the National Trust Community Investment Corporation.
Heinz at 950 North Shore is a 151-unit multi-family historical restoration project situated on 1.007 acres in Downtown Pittsburgh, Pennsylvania. The four-story brick office and industrial building was constructed in the 1930’s and was the original headquarters of the H.J. Heinz Company. Heinz at 950 North Shore was fully restored in compliance with the Secretary of the Interior Standards of Rehabilitation, including historically accurate windows, façade, and roof, and new building systems and utility connections. This project complements the Heinz Lofts, located on Pittsburgh’s North Side, which consist of five historic buildings that were formerly H.J. Heinz food processing facilities before their conversion in 2005 to 267 fully-occupied luxury apartment units.
MCM is a real estate development, owner’s representation, and project management firm founded in 1992 by Melissa Ferchill Swingos.