JLL arranges $23.4 million recapitalization of Pittsburgh parking garage

PITTSBURGH, June 27, 2024-  JLL Capital Markets announced today that it has completed the $23.4 million recapitalization of 350 Oliver Garage, which comprised a $9 million ground lease bifurcation sale of the land and a $14.4 million financing of the leasehold improvements. 350 Oliver Garage is a 570-space parking garage with 23,000 square feet of ground floor retail in Pittsburgh, Pennsylvania.

JLL worked on behalf of the seller, Piatt Industries, and procured the buyer for the land component, Woodbranch Investments Corp. JLL also worked on behalf of Piatt Industries to secure the leasehold financing through Dollar Bank.

350 Oliver Garage is located in the heart of Pittsburgh and serves as a critical parking garage for many of the nearby employers, restaurants and cultural attractions, including Heinz Hall for the Performing Arts, Harris Theater, Benedum Center for the Performing Arts and O'Reilly Theater.

Completed in 2017, 350 Oliver Garage offers parking on floors two through seven of the structure and fully leased retail on the ground floor. The air rights above the property were not included in the sale.

JLL's Capital Markets team was led by Senior Managing Director Mark Popovich and Senior Director Nick Unkovic.

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.

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