PITTSBURGH — The owner of downtown’s biggest building has hit the deadline for which its loan is due.
Recent commentary on the commercial mortgage-backed security for the U.S Steel Tower at 600 Grant Street reveals that an affiliate of New York-based owner 601W Companies continues to negotiate over a $200 million loan with Wells Fargo, with no signs of the lender moving to pursue a default action.
According to CBMS commentary, 601W Companies and the lender agreed to a prenegotiation agreement as of April 27 that is still in effect as the parties continue to talk, the commentary adding that the “borrower has engaged a third party to represent them.”
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