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For media relations, please contact:
Janine Shagoury
Managing Director, Communications
(212) 891-1831
Mitch Karig
Vice President, Communications
(212) 891-1882
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IXIS Real Estate Capital Provides $228,800,000 on U.S. Steel Tower
NEW YORK, July 21, 2005 – IXIS Real Estate Capital made a $228,800,000 floating-rate, five-year loan to Apollo Real Estate Advisors to facilitate the recapitalization of the U.S. Steel Tower, a 2,336,272 square foot, 64-story, Class-A office building located at 600 Grant Street in the heart of Pittsburgh’s “Golden Triangle”. The property is Pennsylvania’s largest office building with 40,000 square foot, column-free floors and first class amenities. U.S. Steel and H.J. Heinz have their corporate headquarters at the property. Other major tenants include PNC Financial Services Group, PricewaterhouseCoopers and law firm Eckert, Seamans, Cherin & Mellot. The financing was structured as a mortgage and mezzanine loan with the proceeds being used to refinance existing mortgage debt and provide capital for additional leasing at the property. The financing was arranged by Patrick Grasso and Chris McManus of Keystone Realty Capital, Inc.
Apollo Real Estate Advisors is one of the most active and prominent opportunistic real estate investors in the U.S. and internationally. Since the firm's founding in 1993, Apollo has overseen the investment of eight real estate funds totaling more than $4.5 billion in equity.
As the U.S. commercial real estate financing affiliate of IXIS Corporate & Investment Bank of Paris, France, IXIS Real Estate Capital offers real estate investors, operators and developers a variety of flexible and innovative financing solutions. With offices in New York and Los Angeles, IXIS’s specialized lending teams are supported by the financial strength of one of the largest banking groups in France. IXIS Real Estate Capital offers a full range of financing products including fixed-rate, floating-rate and mezzanine loans. Since June of 1999, IXIS Real Estate Capital has originated or purchased more than $11 billion of commercial real estate loans. News releases and other information about IXIS Real Estate Capital, its products and services are available at www.ixisrealestatecapital.com
For further information, please contact Janine Shagoury at 212-891-1831 or David Askren at 212-891-6152.
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