HFF Refinances $171.5M Mixed-Use Development
The 58-acre Pinecrest consists of 400,000 square feet of retail space, two Class A office buildings totaling 160,000 square feet, 87 high-end luxury apartments, and a 145-key AC Hotel by Marriott.
CLEVELAND—Holliday Fenoglio Fowler has arranged the $171.5 million refinancing of Pinecrest, a mixed-use lifestyle development in Orange Valley, OH. Square Mile Management originated the refinancing of this 750,000-square-foot Cleveland suburban development.
HFF’s Senior Managing Director Trey Morsbach and Managing Director Jim Curtin. represented the borrower, a partnership between Cleveland-based Fairmount Properties, the DiGeronimo Cos and Northeast-based investment manager, in the deal with New York-based Square Mile Capital. The loan will be used to refinance the existing construction debt.
“This refinancing reflects the viability and strength of our asset,” said Fairmount Properties CIO Eric Louttit.
The 58-acre Pinecrest, which completed construction in spring of 2018, consists of 400,000 square feet of retail space, two Class A office buildings totaling 160,000 square feet, 87 high-end luxury apartments, and a 145-key AC Hotel by Marriott.
This is the third time HFF has worked on components of this project. In June 2016 HFF helped the developer secure join venture equity, and in 2017, HFF arranged construction financing.
“We appreciate our relationship with HFF and Square Mile Capital and are excited by how northeast Ohio has embraced Pinecrest as a premier mixed-use destination,” Louttit said.
When GlobeSt.com initially reported on this project, there was much hype about the fact that the development would bring in a number of upscale retailers that had never entered the greater Cleveland market before. Among those was REI, Pinstripes, Old Town Pourhouse, and Silverspot Cinema.