In November 2017, CDT funded a $2 million permanent loan to Brew House Apartments, a newly renovated 76-unit mixed-use, mixed-income rental development located in Pittsburgh, Pennsylvania. Although the property is open to all, it targets local artists for its tenant base. The property was financed with LIHTC, historic and solar credits. RBC Capital Markets was the lead syndicator. The property also received a $500,000 subordinate loan from the PHFA, subordinate loans of $1,000,000 and $886,143 from the Urban Redevelopment Authority of Pittsburg.
Brew House Apartments is a complete historic rehabilitation of the former Duquense Brewing Company building in the Southside Flats neighborhood of Pittsburgh, PA. Originally constructed in the 1900s, most recently the building had been occupied by the Brew House Association, Inc., a not-for-profit artist collective, which used the building for artist live/work space. The Brew House Association issued a sponsor loan to the Borrower to transfer ownership to the Borrower. The renovated Property includes 48 units of LIHTC housing, 28 units of market-rate housing, and 14,640 square feet of commercial space.