$74m financing secured for Pittsburgh mixed-use community

SomeraRoad has plans to build SouthSide Works, a five-property, 471,939-square-foot urban mixed-use property with office and retail space located in Pittsburgh.

JLL Capital Markets arranged the $74.01 million financing for SouthSide Works.

Built in 2004 and renovated in 2021, SouthSide Works is a premier development that consists of five buildings and is evenly split between office and retail use with 245,570 square feet of office space and 226,369 square feet of retail space. The Box Office, one of the buildings within the collateral, was recently redeveloped from a cinema into creative class A office and retail space. The remaining buildings include 2800 Block, 2700 E Carson, 2600 B2 Block and 2600 E Carson.

The occupancy represents a WALT of 7.7 years and has experienced significant recent leasing momentum with more than 80,000 square feet of new leases and 100,000 square feet of renewals/extensions. Tenants with recent renewals/extensions include Fred Rogers