21 West: $67M construction financing secured for new urban upscale multifamily project in Pittsburgh

PITTSBURGH, Apr. 22, 2025 – JLL Capital Markets announced today that it has secured a $67 million construction financing for 21 West, a 291-unit urban upscale multifamily development project in Pittsburgh, Pennsylvania.

JLL worked on behalf of the borrower, a joint venture between Oxford Development Company and RDC, in arranging the four-year floating rate construction loan through Dollar Bank.

21 West, located at 430 W General Robinson St., offers easy access to major employers, cultural attractions and entertainment venues. The property is situated in the heart of Pittsburgh's premier entertainment district, with PNC Park, Acrisure Stadium, Rivers Casino and the Andy Warhol Museum all within walking distance.

Pittsburgh continues to be a thriving metro area with a strong economy, highly educated workforce, and exceptional quality of life. The North Shore neighborhood, in particular, has seen significant growth and revitalization in recent years, attracting young professionals and families alike.

21 West, a striking 11-story residential complex, will offer a contemporary living experience with 313,000 square feet of living and amenity space. This modern apartment community features a diverse range of studios, one- and two-bedroom units, all designed with high-end finishes. Residents will enjoy a host of best-in-class amenities, including 11^th floor sky bar, second-floor rooftop deck with resort-style pool, concierge services, co-working space, cross-fit-style gym and wellness suite.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Nick Unkovic and Associate Zach Barone.

"The successful construction financing for 21 West underscores the continued strength of the Pittsburgh multifamily market," said Unkovic. "This project's strategic location on the North Shore and its unparalleled amenity package make it an attractive investment opportunity in today's market."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

RDC is an integrated, full-service real estate development company that has successfully developed over $100 million worth of commercial, multi-family, retail and mixed-use projects with its equity partners. As an experienced general contractor and construction manager, RDC has delivered more than $500 million in construction value in the last 10 years, focusing on adding value, controlling costs and executing well-planned projects for both its own developments and esteemed clients.

Oxford Development Company, based in Pittsburgh, PA, is the trusted real estate development and services partner, committed to delivering high-quality, innovative developments that drive long-term value for investors, communities and stakeholders. With a focus on multifamily and commercial projects, Oxford leverages its deep industry expertise to create and manage exceptional spaces that stand the test of time. With over 60 years of experience and over $10 billion in development projects, Oxford delivers value through a combination of analytical, management, and operational-specific real estate services. www.oxforddevelopment.com

As the nation's largest mutual bank, Dollar Bank has been empowering the communities and customers they serve for 170 years. Their more than 90 locations throughout Pennsylvania, Maryland, Ohio and Virginia provide a comprehensive range of personal, small business and corporate banking solutions. Dollar Bank continues to invest in their customers and strengthen their communities through financial education programs and partnerships with organizations who share their dedication to building opportunities for all. As of September 2024, Dollar Bank reported total assets of $11.7 billion, total loans of $9.0 billion and total deposits of $9.6 billion. For more information, visit Dollar.Bank.