Barings Refis Pittsburgh Multifamily Project With $72M Loan

SomeraRoad has sealed a $71.9 million loan to refinance a newly built multifamily property in Pittsburgh, Commercial Observer has learned.

Barings provided the loan for the developer’s 247-unit The Park at SouthSide Works project that was completed last year along Pittsburgh’s riverfront, according to the lender. 

“Barings is excited to expand its relationship with SomeraRoad, who delivered a remarkable waterfront product,” Jonathan Neff, managing director at Barings, said in a statement. “We expect the Park at Southside Works will continue to benefit from its top-of-market amenity package and its vibrant location, which not only offers walkability to nearby retail amenities, but also features excellent connectivity to nearby employers.”

Newmark arranged the transaction with a team consisting of Jordan Roeschlaub, Nick Scribani, Chris Lozinak and Samuel Speciale.

Located along the Monongahela River at 2695 South Water Street, less than two miles from the University of Pittsburgh, the seven-story development consists of a mix of one-bedroom apartments and two-bedroom townhomes. Community amenities include a pool, a courtyard with grilling area, and a fitness center with yoga room.

SomeraRoad broke ground on The Park at SouthSide Works in May 2022 after getting approval from the Urban Redevelopment Authority of Pittsburgh in fall 2021 to purchase the 1.78-acre development site for $756,0000, the Pittsburgh Business Times previously reported. It finished construction last year and was 40 percent leased as of November, according to the Pittsburgh Business Times. 

Representatives for Barings, SomeraRoad and Newmark did not immediately return requests for comment.

Andrew Coen can be reached at [email protected].