Sigel and Jacobs of Keystone close $53.5 million refinancing in Pittsburgh

Keystone Property Group has completed a $53.5 million refinancing for Keystone Summit Corporate Park, a class A corporate campus. The loan is one of the first in the country to be originated and closed under the second generation of Commercial Mortgage-Backed Securities (CMBS) financing for a multi-borrower securitization. With this refinancing, Keystone was also able to cash out two-thirds of its equity. Capital advisory firm Ackman-Ziff represented Keystone Property Group during the loan negotiation, along with Matt Sigel, chief investment officer; and Jessica Jacobs, senior financial analyst, who provided in-house representation.