Sunday, April 30, 2017

HFF secures $142 million financing for mixed-use lifestyle development in suburban Cleveland, OH

Trey Morsbach
DALLAS, TX – April 27, 2017 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $142 million in financing for the development of Pinecrest, an approximately 650,000-square-foot mixed-use lifestyle project in the Cleveland suburb of Orange Village, Ohio.
HFF worked on behalf of development partners, Cleveland-based Fairmount Properties and the DiGeronimo Companies, to place the construction loan with a syndicate of banks led by Huntington Bank, which also included KeyBank, First National Bank, First Commonwealth Bank and Flagstar Bank.  HFF also assisted the developer in securing joint venture equity for the project in June 2016.

Due for completion in spring 2018, Pinecrest will encompass more than 400,000 square feet of high-caliber retail, including many stores, restaurants and entertainment anchors that are new to the region and exclusive to Pinecrest.

 The retail component will feature tenants such as Whole Foods, REI, Silverspot Theaters, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Kona Grill. 

The Offices at Pinecrest will consist of two adjoining 75,000-square-foot Class A office buildings, which will be positioned above the retail and restaurant component.  Pinecrest will also feature a 145-room AC Hotel by Marriott®, 87 high-end luxury apartments and a one-acre town center.

Jim Curtin
 The project is ideally situated on 58 acres to the east of Cleveland’s CBD at the center of Orange Village’s retail trade area just off Interstate 271 at Harvard Road.

The HFF debt placement team representing the borrower was led by senior managing director Trey Morsbach, managing director Danny Kaufman and director Jim Curtin.

  For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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