DALLAS--(BUSINESS WIRE)--Dallas-based Preston Hollow Capital, an independent specialty finance company, announced today the closing of a $48,910,000 transaction providing financing for a large retail, residential and entertainment district, currently under construction in the Cleveland suburb, Orange Village, Ohio. The 58-acre site includes 400,000 square feet of retail space, office space and luxury apartments. Tenants include Whole Foods, REI, hotel AC by Marriott, and numerous restaurants and entertainment venues. The project is being developed by Fairmount Properties and is slated for completion in mid-2018.
“This transaction is exemplary of the positive momentum PHC has generated, closing successfully in an especially short time frame,” said Ramiro Albarran, Head of Originations at Preston Hollow Capital. “We attribute this success not only to the strong capabilities of the PHC team, but also to the commitment and cooperation of our very capable development partner, led by Fairmont Properties.”
“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 Adam Fishman, principal of Pinecrest's developer, Fairmount Properties. “The acumen and agility of the entire team at Preston Hollow Capital was a major factor in achieving this financing milestone in a remarkably compressed timeframe. We are so thankful to Jeff Rink of KeyBank Capital Markets for making this introduction.”
About Preston Hollow Capital
Preston Hollow Capital (www.phcllc.com) is the leading solution provider in municipal finance. Headquartered in Dallas, PHC is an independent specialty finance company with more than $800 million in permanent equity capital and over $1.5 billion in investment capacity from a diverse investor base comprised of founding management, institutional investors Stone Point Capital and HarbourVest, and several prominent family offices. Preston Hollow Capital differentiates itself with its ability to deliver capital with speed, certainty and flexibility.