BGL secures funding for major real estate developments in Ohio

On January 14, 2025, in the United States, Brown Gibbons Lang & Company (BGL) announced the successful closure of financial transactions for two significant mixed-use development projects located in Ohio. The first project, Valor Acres, is situated in Brecksville and will feature a total of 44,000 square feet of Class A office space, along with 221 luxury apartment units. Additionally, the development will include retail and entertainment space totaling 70,000 square feet and a substantial parking garage with a capacity of 700 vehicles. This project is also notable for being located on the former site of the U.S. Department of Veterans Affairs Brecksville hospital. The financial structure for Valor Acres includes senior construction debt provided by Fifth Third Bank and First Commonwealth Bank, along with tax credits, regional incentives, and sponsor equity for a comprehensive financing strategy. The second project, The Bluffs at WaterWood Resort located in Vermilion, involves the construction of 26 luxury townhomes. These townhomes are designed with a terraced layout to maximize scenic views, featuring amenities such as rooftop decks and modern floorplans with floor-to-ceiling windows. To enhance community living, the resort will undergo redevelopment into a luxury community with offerings such as a clubhouse, lakefront dining, and recreational facilities on landscaped grounds. The financing for The Bluffs was secured through senior construction debt from First National Bank and additional sponsor equity. BGL's Real Estate Advisors team acted as exclusive financial advisors for both projects, emphasizing the longstanding relationship with the DiGeronimo Companies, who are recognized as a leading developer in Ohio. Notably, the DiGeronimo Companies expressed gratitude for the collaborative efforts in financing these crucial developments, signifying confidence in their potential impact on local economic growth. The completion of these financing deals not only bolsters the growth trajectory of the DiGeronimo Companies but also reinforces BGL's pivotal role in assisting regional development initiatives. As the development of Valor Acres brings a dynamic mix of residential and commercial space, it is anticipated that this project will facilitate job creation and further investment in the area. Similarly, The Bluffs at WaterWood Resort aims to provide luxurious living spaces while enhancing community amenities, thus contributing positively to the region's appeal as a desirable location. Overall, these projects underscore the commitment to fostering sustainable development practices within Ohio’s real estate market.