ACRES, together with its subsidiaries, originated an approximately $33 million loan to fund the construction and stabilization of 5803 Centre Avenue, a 161-unit multifamily property.
The property includes 6,000 square feet of ground-floor retail in the Shadyside submarket of Pittsburgh. The loan is provided to borrower Charles Street Investment Partners, an experienced real estate investment and development firm that previously partnered with ACRES on its 1118 Sycamore project in Cincinnati.
The property is located within walking distance of two hospitals — the University of Pittsburgh Medical Center (UPMC) Shadyside Hospital and UPMC Children’s Hospital — with a combined 1,700 physician positions. Additionally, a 500-employee Google corporate office is within walking distance, allowing 5803 Centre Avenue to cater to tech professionals in addition to those in the medical community. Also in proximity is:
Shadyside, which is a part of the larger Greater Downtown submarket, has seen a significant rebirth due to the development of its adjoining neighborhoods to the southwest. Residents can drive to the Pittsburgh Central Business District in about 15 minutes, and Pittsburgh International Airport in approximately 30 minutes.