The 601W Companies recently took a $245 million mortgage package to refinance Pittsburgh’s signature, a 64-story skyscraper, U.S. Steel Tower.
The loan package included $160 million in senior debt from Morgan Stanley, as well as $85 million in subsequent financing across a $40 million B-note and a $45 million attic loan.
601W also added about $18.1 million in assets to round out the capital stack, which refinanced about $173.7 million in existing debt, per analysis from Fitch Ratings.
As per sources Meridian Capital Group arranged the financing.
The 2.3 million Sq Ft. landmarked skyscraper at 600 Grant Street rises up Pittsburgh’s downtown, with the University of Pittsburgh Medical Center’s (UPMC) logo glorified on the facade at the peak of the building.
The building has a gym, a conference center and lounge, a 150-seat training center, facilities for on-site child care, and a bevy of food and beverage outlets. There is also an underground parking garage that serves the building with 670 parking spaces, and the tower’s location in the city’s central business district gives for direct access to the area’s light rail outlets.