HFF secures $142M loan for mixed-use lifestyle project in Ohio

WCN Editorial Team 28 Apr 2017 NORTH AMERICA BUILDINGS

Holliday Fenoglio Fowler (HFF) has obtained $142M in financing for the development of a mixed-use lifestyle project, known as Pinecrest, in Ohio, US.

The development, to be located in the Cleveland [pictured] suburb of Orange Village, will cover an area of about 60,390 sq m.

The property will house over 37,160 sq m of retail space including stores and restaurants, two adjoining 6,970 sq m office buildings, a 145-room AC Hotel by Marriott, 87 luxury apartments and a one-acre town centre.

Working on behalf of development partners Fairmount Properties and the DiGeronimo Companies, HFF placed the loan with a syndicate of banks including Huntington Bank, KeyBank, First National Bank, First Commonwealth Bank and Flagstar Bank.

In June 2016, HFF helped the developer in arranging joint venture equity for the project, which is expected to be complete in early 2018.

 

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