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Pinnacle secures over $150 million in financing for Crocker Park development
April 1st, 2017
Pinnacle Financial Group, Inc. is pleased to announce the closing of two permanent loans on Phases I and II of the mixed use development, Crocker Park in Westlake, OH, a suburb of Cleveland. The space features upscale retail stores, luxury residential apartments, and Class A office space.
The transactions were closed with a $140.0 million securitized loan with CitiGroup Global Markets Commercial Mortgage Finance Group and Starwood Mortgage Capital, and a $17.5 million HUD loan with Greystone Funding Corporation.
The entirety of Crocker Park will total 1.7 million square feet and will consist of 900,000 square feet of residential apartment units, 550,000 square feet of retail and restaurants, and 250,000 square feet of office space. Phase I created approximately 620,000 of the total square feet through retail space, office space, and residential apartment units between the years of 2003 and 2005. The vision of the development team was to create a vibrant social community reflective of traditional neighborhoods that possess a strong social network of those who live, work and visit Crocker Park. Phase II continued to contribute to this vision with the addition of retail/gym space as well as further office space during the years of 2006 to 2009.…
Pinnacle Closes Atlanta Multi-Family Bridge deal in 13 days
January 10th, 2017
Pinnacle Financial Group is pleased to announce that it recently arranged bridge financing for the acquisition and substantial redevelopment of two multi-family properties comprised of 194 units in Atlanta, Georgia.
Notwithstanding the short term closing requirement and lack of in-place cash flow, Pinnacle sourced and closed a 12 month interest only facility for $5.2 million (85% LTC) in 13 days.
Regarding the transaction, Pinnacle Senior Vice President of Originations, Chris Litzler noted, “The short term nature of this transaction required unmatched teamwork between Pinnacle and the Lender. The deal is an incredible example of the creative sources of capital that are offered by many of our national, long standing, lending relationships.”