$93.5 Million Non-Performing Office Loan | Pittsburgh, PA

Attributes

Origination Date

December 2012

Maturity Date

January 2025

Original Balance

$112,000,000

Current Balance

$93,500,000

Payment Type

Principal & Interest

Interest Rate Type

Fixed

Call for offers

04/28/2026

Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a $93.5 Million Non-Performing Office Loan (the “Loan”). The Loan is secured by the first priority mortgage on a four-building office property located in downtown Pittsburgh (the “Collateral”, “Property”, or “Properties”).

Originated in December 2012, the Loan transferred to special servicing in August 2024, followed by the appointment of a receiver in October 2024, and subsequently entered maturity default in January 2025. As of March 2026, the Loan is non-performing with an unpaid principal balance of $93.5 million. The offering presents investors with the ability to acquire a non-performing loan at a favorable basis, significantly below replacement cost, with a potential path to ownership.

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Investment highlights

Unmatched Commuter Convenience

With excellent ingress/egress to I-279 and I-376, direct access to Pittsburgh’s Personal Rapid Transit (PRT) System located adjacent to the Property, and an exceptional location in the heart of downtown, the Property offers an excellent tenant commuting experience throughout the CBD.

Premium Building Amenities

The Property features a desirable amenity package that includes a complete fitness center with both a men’s and women’s locker room, two coffee shops, conference room and training center, 360-degree exterior views, and an upscale steak and seafood restaurant.

Business Plan Optionality

One of the Property’s buildings has key attributes required for an office-to-residential conversion, including conducive floor plans, flexible zoning designation, neighborhood amenities, and access to public transit.

Revitalization Plan for Downtown Pittsburgh

In October 2024, Pennsylvania announced a $600 million revitalization program for Downtown Pittsburgh that includes six office-to-residential conversions, one residential building renovation, and three public park upgrades to create a more diverse, economically robust urban center with expanded housing and improved public spaces.

Path to Ownership

The non-performing Loan provides investors with a potential path to title at a significant discount to replacement cost.