HFF Secures $142 Million Financing for Mixed-Use Lifestyle Development in Suburban Cleveland, Ohio

DALLAS--()--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. 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.

About Fairmount Properties

Since 1998, Fairmount Properties (Fairmount) has grown to be a well-respected industry leader across multiple real estate platforms — from college campuses to city centers. Fairmount successfully cultivates relationships with tenants, the community, municipalities and the industry. Their dedicated team of professionals has helped create over $1 billion in new projects, including Flats East Bank, a mixed-use development in Cleveland along the Cuyahoga River on 9th Street.

About DiGeronimo Companies

Founded in 1956 by the late Sam DiGeronimo and his son Don as a small excavation company in Cleveland, DiGeronimo Companies expanded into demolition, environmental remediation, construction and finally to full-scale development. The company’s projects include mixed-use, retail, industrial and student housing.

The company brings its vast experience and reputation for honesty, integrity and outstanding performance to the world of development, design and management in order to ensure the best results for its partners, its subcontractors and the community.

About HFF

Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Contacts

HFF
TREY MORSBACH, (214) 265-0880
HFF Senior Managing Director
tmorsbach@hfflp.com
or
JIM CURTIN, (214) 265-0880
HFF Director
jcurtin@hfflp.com
or
OLIVIA HENNESSEY, (713) 852-3500
HFF Public Relations Specialist
ohennessey@hfflp.com

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Release Summary

HFF announced today that it has secured $142M in financing for the development of Pinecrest, an approximately 650,000-square-foot mixed-use lifestyle project in the Cleveland suburb of Orange, Ohio.

HFF