Newmark Arranges $71.85 Million Loan for Class A Multifamily Property in Pittsburgh, PA

June 2, 2025 9:00 AM

Newmark announces it has arranged a $71.85 million loan on behalf of SomeraRoad to refinance The Park at SouthSide Works, a newly constructed, 247-unit Class A multifamily community located along the Monongahela River in Pittsburgh, Pennsylvania. Newmark Co-President of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani, Director Chris Lozinak and Associate Sam Speciale, secured the financing from Barings.

Delivered in late 2024, The Park at SouthSide Works offers a diverse unit mix ranging from junior one-bedrooms to two-story townhomes, all finished with premium materials and modern design elements. The property features an extensive amenity package, including a resident lounge, outdoor pool with sundeck, landscaped courtyard with grilling stations and a state-of-the-art fitness center with a dedicated yoga studio.

Strategically located on one of the last remaining waterfront parcels in downtown Pittsburgh, the property provides immediate access to major employment, healthcare and academic hubs—including UPMC, Carnegie Mellon University and the University of Pittsburgh. Residents benefit from exceptional connectivity to SouthSide Works, Oakland and the Central Business District via the Hot Metal Bridge and Penn Lincoln Parkway.

About Barings
Barings is a $442+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*As of March 31, 2025

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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