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Pinnacle Closes $42.6 million on Retail Power Center

July 5th, 2017

June 2017 - Pinnacle Financial Group, Inc. is pleased to announce the closing of a permanent loan on a 315,000 square foot power center in Boardman, Ohio.
The Shops at Boardman Park was closed with one of Pinnacle’s long term CMBS relationships on a 10 year, 30 year amortization structure that included 2 years of interest only payments. Despite recent pullback in financing terms on retail nationally, the non-recourse loan amount of $42.6 million corresponds with the chosen loan-to-value of 75%.
Pinnacle was formed in 1990 and is currently one of the largest independently owned mortgage banking companies in the Midwest. Pinnacle is a leading member of the Strategic Alliance Mortgage (SAM), an organization of twenty-two mortgage banking companies with fifty-one offices throughout the United States. SAM ensures local expertise within a powerful national platform. Pinnacle consistently delivers their clients the best possible capital available in the market. For more information about Pinnacle, its partners and services can be found on their website at www.pinnaclefinancialgroup.com.

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.…

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