 |
| 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 | www.hfflp.com
No comments:
Post a Comment