JLL Capital Markets facilitates loan for McCandless Crossing

AdVenture Champion Partners secures loan through Nationwide

PITTSBURGH, PA — JLL Capital Markets has arranged a $73.5 million refinancing for McCandless Crossing, a prominent, 387,771 s/f lifestyle retail center located in McCandless.

JLL worked on behalf of the borrower, AdVenture Champion Partners, in securing the five-year, fixed-rate loan through Nationwide.

McCandless Crossing is strategically positioned along McKnight Rd., Pittsburgh’s dominant retail corridor, which experiences more than 65,000 vehicles per day. The open-air mixed-use center features a diverse mix of national, regional and local tenants providing daily needs and destination retail offerings. Major tenants include Lowe’s Home Improvement, TJ Maxx, Trader Joe’s, HomeGoods and Sierra Trading, along with a robust lineup of restaurants and service retailers.

The property is currently 99% leased, with a 5.7-year weighted average lease term, providing a stable income stream and staggered rollover risk. Recent leases signed with TJ Maxx and Sierra Trading Post demonstrate continued demand from the highest quality national retailers.

The property serves an affluent trade area within the top-rated North Allegheny School District. Within a five-mile radius, the average household income is $130,781 and the median household income is $105,433.

JLL Capital Market’s Debt Advisory team, representing the borrower was led by senior managing directors Nick Unkovic and Claudia Steeb and associate Zachary Barone.

“McCandless Crossing’s unmatched location and tenant mix, along with AdVenture Development’s exceptional sponsorship, resulted in highly competitive financing terms and a seamless execution with Nationwide,” Unkovic said.

In a separate deal, JLL Capital Markets has arranged financing for Murray Hill Medical Office Building, a 48,312 s/f property in New Providence, NJ.

JLL worked on behalf of the borrower, MEARJ Properties, to secure the senior financing through a life insurance company relationship.

JLL’s Capital Markets Debt Advisory team, representing the borrower, was led by director Ryan Carroll and analyst Matthew McManus.