RDC and Commonwealth close on financing for 289-unit McKnight Road apartment project
Commonwealth #Commonwealth
PITTSBURGH — Just because RDC was able to close recently on financing to build a new 289-unit apartment development on a long-time retail site on McKnight Road doesn’t mean it was easy.
Instead, Shawn Fox, president of Bridgeville-based RDC, described the process as “incredibly difficult.”
He explained why.
“You have banks starting to really stress their debt service coverage in a rising interest rate environment,” said Fox, adding, it took “a little bit longer to close.”
Working with joint venture partner Commonwealth Development Partners, RDC has also closed on buying a 13-acre site next to the Ross Towne Centre, a property originally used as a Pace Warehouse once considered for a new Walmart along with a neighboring Chi-Chi’s restaurant that had long been vacated.
The joint venture bought the property for $5.2 million after working through a zoning change to allow a major residential project along the McKnight Road retail corridor early in the year.
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