Envoy Finances Retail Center in Pittsburgh Through New Construction Loan Program

by Nate Hunter

Pittsburgh — The loan allows Select Comfort developer to secure 94 percent loan-to-cost financing and maintain 100 percent ownership of properties throughout the development process.

Pittsburgh  — Envoy Net Lease Partners, LLC, a real estate finance company specializing in single-tenant, net-leased properties, has closed a $3.4 million loan under a new construction loan program serving net lease preferred developers. The transaction allowed a Select Comfort preferred developer to achieve 94 percent loan-to-cost construction financing for a 49 percent preleased, two-tenant, 7,780-square-foot retail center. Select Comfort is the corporation that owns the Sleep Number brand. Envoy worked in tandem with its senior bank partner to provide the subordinated “B-piece” financing of the wrap construction loan for the retail center, located in Pittsburgh’s sought-after North Hills retail submarket. The retail center transaction was the first to be completed under a new high leverage construction program designed to provide developers with the additional capital they need to increase the size of their pipeline and meet their tenant’s construction schedules.

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