BGL Announces Refinancing of Heinz at 950 North Shore for MCM Company

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Jun 10, 2021, 16:05 ET

CLEVELAND, June 10, 2021 /PRNewswire/ -- Brown Gibbons Lang & Company (BGL) is pleased to announce the financial closing of Heinz at 950 North Shore for MCM Company, Inc. (MCM). BGL's Real Estate Advisors team served as the exclusive financial advisor to MCM in the transaction. The property was refinanced with Asia Commercial Real Estate (ACRE) in order to retire the existing senior loan with Basis Investment Group and extend the maturity of the loan beyond the contractual compliance period with the historic tax credit investor.

Brown Gibbons Lang & Company (BGL) is pleased to announce the financial closing of Heinz at 950 North Shore for MCM Company, Inc. (MCM). BGL’s Real Estate Advisors team served as the exclusive financial advisor to MCM in the transaction. The property was refinanced with Asia Commercial Real Estate (ACRE) in order to retire the existing senior loan with Basis Investment Group and extend the maturity of the loan beyond the contractual compliance period with the historic tax credit investor. (PRNewsfoto/Brown Gibbons Lang & Company)

This is the second time the project has been refinanced since the historic tax credit structure was established as part of the initial construction financing in 2015. The ACRE financing was achieved in coordination with numerous capital sources involved in the 2015 closing, including Cedar Rapids Bank and Trust, the Urban Redevelopment Authority, and East West Bank, through its syndicator and underwriter, the National Trust Community Investment Corporation.

Heinz at 950 North Shore is a 151-unit multi-family historical restoration project situated on 1.007 acres in Downtown Pittsburgh, Pennsylvania. The four-story brick office and industrial building was constructed in the 1930's and was the original headquarters of the H.J. Heinz Company. Heinz at 950 North Shore was fully restored in compliance with the Secretary of the Interior Standards of Rehabilitation, including historically accurate windows, façade, and roof, and new building systems and utility connections. This project complements the Heinz Lofts, located on Pittsburgh's North Side, which consist of five historic buildings that were formerly H.J. Heinz food processing facilities before their conversion in 2005 to 267 fully-occupied luxury apartment units.

MCM is a real estate development, owner's representation, and project management firm founded in 1992 by Melissa Ferchill Swingos.

BGL's Real Estate Advisors team offers comprehensive real estate investment banking services tailored to the middle market. It provides client-focused solutions with an emphasis on real estate advisory, debt, preferred and private equity placement, financial restructuring, recapitalizations, sale-leasebacks, structured finance, and asset acquisitions and dispositions across all asset classes. The team assists real estate owners and developers looking to form alliances and joint ventures with single-source capital providers to gain local and institutional access for all capital needs.

About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, and Philadelphia, and real estate offices in Chicago, Cleveland, and San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to service clients in more than 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, Inc., an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com.

SOURCE Brown Gibbons Lang & Company