Related and Bank OZK Provide $71M Loan for Residential Development in Pittsburgh
SomeraRoad has landed a $70.5 million construction financing of The Park at SouthSide Works in the South Side neighborhood of Pittsburgh, Commercial Observer has learned. Related and Bank OZK provided the loan.
Newmark (NMRK) arranged the financing with a team led by Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Chris Kramer and Jake Neeb.
Located at 2613 South Water Street, the multifamily development sits within SomeraRoad’s Southside Works micro-neighborhood development. The Park at Southside Works is a planned 345,000-square-foot asset that will include five stories of residential space sitting atop two stories of covered parking.
The 247-unit property includes a mix of studios, one-bedrooms, two-bedrooms and townhomes. Planned community amenities include a rooftop terrace, a pool, a sundeck with gardens, a fitness center, secure bike parking, a dog-washing station, rooftop resident lounges and curated remote workspaces.
SomeraRoad took control of the larger SouthSide Works master development in March of 2020 and has since worked to transform the mixed-use community into a multi-use destination. SouthSide Works’ is 8 acres and 500,000-plus square feet includes office, retail and multifamily. The area’s redevelopment includes the addition of national retailers, restaurants, residential offerings, repositioning of existing offices, and implementation of a what the developer calls a programmed entertainment-driven community engagement plan, according to a statement from Newmark.
SouthSide Works will also feature a town square with food purveyors, streetscaping, an improved theater/stage, public playgrounds, parks and the recently completed $13 million conversion of a 77,000-square-foot former movie theater into a Class A office space known as the Box Office.
“We are excited to announce the start of construction on The Park at Southside Works,” said Andrew Donchez, principal and head of development for SomeraRoad. “The project is the next step in SomeraRoad’s strategic approach in bringing a new micro-neighborhood to life and continues the vision to transform SouthSide Works into a vibrant live-work-play-stay destination.”
Related did not immediately respond to requests for comment. Bank OZK (OZK) declined to comment.
Emily Fu can be reached at efu@commercialobserver.com.
