May 2, 2017 Comments Off on Cleveland Development Team Receives $142M Financing Views: 708 Midwest, National News, Ohio

Cleveland Development Team Receives $142M Financing

HFF secured $142 million in financing for the development of Pinecrest, a roughly 650,000-square-foot mixed-use lifestyle project in Cleveland’s Orange Village, OH. The development team includes a pair of Cleveland-based companies, Fairmount Properties and the DiGeronimo Companies.

Due for completion in spring 2018, Pinecrest will encompass more than 400,000 square feet of retail, two adjoining 75,000-square-foot office buildings, a 145-room AC Hotel by Marriott, 87 luxury apartments and a one-acre town center. The 58-acre site is located off Interstate 271 at Harvard Road.

HFF’s Trey Morsbach, Danny Kaufman and Jim Curtin worked on behalf of the developer to place the construction loan. The syndicate of banks was led by Huntington Bank, and also included KeyBank, First National Bank, First Commonwealth Bank and Flagstar Bank.

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