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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. Construction of Phase III in Crocker Park began in 2014 and includes the American Greetings Headquarters, a 110 room select service Hyatt Place Hotel, and additional retail and restaurant space. This mixed use center is one of the most exciting and lively developments of its kind in the country as it attracts many guests to its different entertainment venues, expansive retail options, and exceptional restaurants.
Crocker Park is located on Crocker Road, just south of Detroit Road, near the interchange to Interstate 90 in Westlake, Ohio. Crocker Road extends to both I-90 and I-480, and is the only main thoroughfare in Northeast Ohio that connects these roads. Furthermore, the Detroit/Crocker intersection functions as the center of affluence on the Greater Cleveland’s west side. This ideal location matched with the vibrant atmosphere of the development itself showcases the dynamic environment created in Crocker Park.
This development is owned by Stark Enterprises, a full service real estate development company that specializes in acquisition, development, leasing, property management, construction, architectural design, landscape architecture, marketing and security. According to industry leaders, “properties managed by Stark Enterprises are continually recognized by its customers and industry organizations as among the most beautiful, well operated and maintained properties in the nation.”
Pinnacle was formed in 1990 and is currently one of the largest independently owned mortgage banking companies in the Midwest. Pinnacle is the 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 on Pinnacle, it’s partners and services can be found on their website at www.pinnaclefinancialgroup.com.

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