Cleveland Mixed-Use Project Lands $142M Financing
HFF secured the financing on behalf of development partners Fairmount Properties and the DiGeronimo Cos. Scheduled for completion in spring 2018, Pinecrest will offer more than 400,000 square feet of retail, restaurants and entertainment.
By IvyLee Rosario
HFF has secured $142 million in financing for the development of Pinecrest, a 58-acre, 650,000-square-foot mixed-use lifestyle project in the Cleveland suburb of Orange Village, Ohio.
HFF worked on behalf of development partners Fairmount Properties and the DiGeronimo Cos., to place the construction loan with a syndicate of banks including Huntington Bank, KeyBank, First National Bank, First Commonwealth Bank and Flagstar Bank.
Scheduled for completion in spring 2018, Pinecrest will offer more than 400,000 square feet of retail, restaurants and entertainment. Tenants such as Whole Foods, REI, Silverspot Theaters, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Kona Grill have already secured spots. The project will also include a 145-key AC Hotel by Marriott, 87 luxury apartments, a one-acre town center and The Offices at Pinecrest, which will consist of two adjoining 75,000-square-foot Class A office buildings positioned above the retail and restaurant level.
The HFF debt placement team representing the borrower was led by Senior Managing Director Trey Morsbach, Managing Director Danny Kaufman and Director Jim Curtin.
Video courtesy of Pinecrest
