M&T Realty Capital Lends $56M for Pittsburgh Office-to-Resi Conversion

Development firm GPG Victrix has secured $55.7 million of bridge debt for the lease-up of a newly redeveloped office-to-residential conversion project at supplements giant GNC’s former headquarters  in Pittsburgh, Commercial Observer has learned.

M&T Realty Capital Corporation (M&T RCC) closed the bridge loan for GPG Victrix’s LiveWell Apartments project in Downtown Pittsburgh that was retrofited in 2015 from a former office  building into a 252-unit apartment community. Robert Barry, senior vice president at M&T RCC, originated the deal. 

“This bridge financing gives the sponsors flexible, timely capital to complete lease-up,” Barry said in a statement.  

Located at 550 Wood Street, the redevelopment of the former office building qualified for federal and state historic tax credits, according to GPG Victrix, the adaptive reuse division of the Gordon Property Group. Anoop Davé, CEO of GPG Victrix, said Pittsburgh Mayor Corey O’Connor also advocated for financial support for the project.

“We are proud to contribute to Pittsburgh by converting this Daniel Burnham-designed building into apartments,” Dave said in a statement. “This project brings together a great city, a great building and an exceptional banking partner.”

Andrew Coen can be reached at acoen@commercialobserver.com.