Cleveland-Area Massive Project Lands $49M in Financing
Preston Hollow Capital completed financing of Pinecrest, a $240 million development currently underway in Cleveland’s suburb Orange Village. Developer Fairmount Properties plans to complete the project by mid-2018.
By Laura Calugar
Dallas-based Preston Hollow Capital, an independent specialty finance company, recently secured $49 million in financing for Pinecrest, a $240 million retail, residential and entertainment project, currently under construction in Orange Village, Ohio. Pinecrest is being developed by Fairmount Properties and its joint venture partners, including Lennar Commercial and members of the DiGeronimo family as well as Lewanski Development.
Located at Harvard Road, near Interstate 271, Pinecrest sits on a 58-acre site and will include 87 luxury apartments, 400,000 square feet of retail space, 150,000 square feet of Class A office space, a 145-key AC Hotel by Marriott, as well as a 1-acre programmable town center. National brands and regional boutiques and establishments such as Whole Foods, REI, West Elm, Pinstripes, Silverspot Cinemas, Orangetheory Fitness, Vernaculare are just a handful of tenants available at Pinecrest. The project is slated for completion by mid-2018.
“Bringing the Pinecrest transaction to closing was a significant and complex process, and critical to completing this $240 million live, work, play and stay environment,” said Fairmount Properties Principal Adam Fishman, in a prepared statement.
The development also received a helping hand from Lennar Commercial, which made an initial investment of $17 million in the project.
Images courtesy of Pinecrest website
