January 24, 2019
A partnership between Cleveland-based Fairmount Properties, the DiGeronimo Companies and an unnamed Northeast investment manager received $171.5 million in refinancing for Pinecrest. The roughly 750,000-square-foot, mixed-use lifestyle project is located in the Cleveland suburb of Orange Village, OH.
HFF’s Trey Morsbach and Jim Curtin worked on behalf of the borrower to place the floating-rate loan with Square Mile Capital Management LLC. Loan proceeds will be used to refinance the existing construction debt.
Completed in spring 2018, Pinecrest comprises 400,000 square feet of high-caliber retail, including a mix of stores, restaurants and entertainment anchors new to the region and exclusive to the center.
The office component consists of two adjoining Class A office buildings totaling 160,000 square feet, above the retail and restaurant component. The property also features 87 high-end apartments, and a one-acre Central Park along with a 145-room AC Hotel by Marriott that is not included in the financing.
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