Affordable Housing Loans

Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.

 

The Brew House – Pittsburgh, PA

The Brew House Exterior
Image Source: Spectrum Field Services

Through the Positive Social Purpose Lending Program and in partnership with The Community Development Trust, participation was purchased in a loan providing financing for The Brew House, a seven-story complex that underwent a complete historic renovation that converted the former Duquesne Brewing Company building into a combination of residential and commercial space. The residential portion includes 76 total units of which 48 are restricted under the Low Income Housing Tax Credit program to households earning up to 60% of the area median income. The commercial space is leased by the Brew House Association which subleases the space for use as artist work studios, art gallery space and art education classes. Common area amenities include a laundry room, community room, fitness center, and rooftop deck.

Transaction Summary:
 

Property Name: The Brew House
Location: 711 South 21st Street, Pittsburgh, PA 15203
Units: 76
Loan Amount: $2,000,000
Term: 18 years
Purchase Date: December 7, 2017

 

For more information about The Community Development Trust: http://www.cdt.biz/

 

Visit our website for Participants, Conferences and Other Plan Sponsors: wespath.org

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