CLEVE-LAND, January 13, 2022 /PRNewswire/ — Brown Gibbons Lang & Company (BGL) is pleased to announce the financial completion of the rental phase at Residences at Valor Acres, the first component of a larger mixed-use development at Valor Acres in Brecksville, Ohio. The real estate consultants from BGL Team acted as the exclusive financial advisor to the DiGeronimo Company in the transaction. Huntington bank will finance the building with 157 residential units and 11 townhouses for rent Brecksville, Ohio.
Valor Acres offers new opportunities for the outstanding mixed-use development in between Cleveland and Akron.
The hotel is conveniently located off I-77 in the heart of Northeast Ohio, Valor Acres offers new opportunities for outstanding mixed-use development between Cleveland and Akron. In October 2020, The Sherwin-Williams Co. acquired a portion of the Valor Acres property for the development of its new research and development center, bringing hundreds of high-paying jobs and an immediate need for new housing to the area. The new R&D center will consist of several buildings, parking lots and green areas and will initially employ around 800-900 people. Additional job opportunities are expected as well Shervin Williams it keeps growing. The research and development center is the catalyst to attract more office, residential, hospitality and retail investment to the region. Valor Acres is in a prime location just 30 minutes drive from most Northeast Ohio, including to the area’s two major airports, Akron-Canton Airport and Cleveland Hopkins International Airport. In addition to the Valor Acres residences, the master plan for Valor Acres includes 650,000 square feet of new offices, a 130-room luxury hotel and 150,000 square feet of retail and entertainment space.
The development funding consisted of: (i) senior construction debt with Huntington Bank, (ii) tax raise funding, and (iii) sponsor capital.
“We are very pleased to announce the completion of the first phase of residential development at Valor Acres,” he noted Kevin DiGeronimo, a director at DiGeronimo Companies. “This phase is another important step towards a project that is catalytic for the region and will bring a multitude of new developments and jobs to the region. BGL was an excellent partner, demonstrating both great expertise and creativity in structuring the funding for this early stage. We are lucky to have her on our team.”
DiGeronimo Companies is a leading developer, investor and construction management company headquartered in Independence, Ohio. DiGeronimo is a full-scope developer with projects in retail, industrial, college housing and mixed-use developments whose development skills have evolved from her construction site roots; This expanded into demolition, environmental remediation, construction, and eventually comprehensive development. The vertical integration of the company’s development capabilities has enabled it to undertake most of the construction work itself, which in turn has enabled unprecedented speed in bringing projects to market and additional control over project costs and schedule.
BGL’s Real Estate Advisors Group provides comprehensive real estate investment banking services tailored for the mid-market. It provides client-centric solutions focused on real estate advisory, debt capital, preferred stock and private equity placements, financial restructurings, recapitalizations, sale-leasebacks, structured finance, and asset acquisitions and divestitures across all asset classes. The team supports real estate owners and developers wishing to form alliances and joint ventures with one-stop financiers to gain local and institutional access for all capital requirements.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The law firm advises private and public corporations as well as private equity groups mergers and acquisitions, capital markets, financial restructuring, Company reviews and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, and Philadelphia, and real estate agencies in Chicago, Cleveland, and San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to serve clients in more than 30 countries around the world. Securities transactions are effected through Brown, Gibbons, Lang & Company Securities, Inc., a subsidiary of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com.
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