Dealmaker: M&T RCC Provides $55.7M Bridge Loan for Converted Pittsburgh Apartments

(Image courtesy of M&T Realty Capital Corp.)

M&T Realty Capital Corp., Baltimore, provided a $55.7 million bridge loan for a newly redeveloped office-to-residential conversion project in downtown Pittsburgh.

Called LiveWell Apartments, the building used to house the office headquarters for GNC. It was renovated in 2025 into a 253-unit Class A multifamily building. The redevelopment qualified for federal and state Historic Tax Credits.

The bridge loan allows the sponsor, GPG Victrix, to stabilize occupancy and operations.

“This bridge financing gives the sponsors flexible, timely capital to complete lease-up,” said Robert Barry, Senior Vice President at M&T RCC who originated the deal.