HFF Secures $142 Million in Construction Financing for Mixed-Use Development in Metro Cleveland

by Katie Sloan

Orange Village, Ohio — HFF has secured $142 million in financing for the development of Pinecrest, a 650,000-square-foot mixed-use development located in the Cleveland suburb of Orange Village.

Set to open in 2018, the project will include 400,000 square feet of retail, restaurants and entertainment; two adjoining 75,000-square-foot office buildings; a 145-room AC Hotel by Marriott; 87 luxury multifamily residences; and a one-acre town center. The retail component will be home to tenants including Whole Foods Market, REI, Silverspot Theaters, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Kona Grill.

Trey Morsbach, Danny Kaufman and Jim Curtin of HFF worked on behalf of the development partners, Fairmount Properties and DiGeronimo Cos., 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.

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