#United States #Cleveland #BGL #Valor Acres #WaterWood Resort

BGL Real Estate Secures Major Development Financing

In a significant move that underscores the ongoing revitalization of Ohio's real estate market, Brown Gibbons Lang & Company (BGL) has announced the successful closing of development financing for two notable projects: Valor Acres and The Bluffs at WaterWood Resort. This achievement was marked by the collaboration with major financial institutions, including Fifth Third Bank and First Commonwealth Bank, along with First National Bank, which respectively provided the necessary funding for these substantial developments.

Valor Acres: A Transformative Mixed-Use Community

Valor Acres, situated in Brecksville, Ohio, is envisioned as an upscale mixed-use development that integrates residential, commercial, and office spaces into a dynamic community hub. The financing secured will enable the construction of approximately 44,000 square feet of Class A office space, along with 221 luxury apartments boasting high-end amenities. Additionally, the project includes a vast retail and entertainment area spanning 70,000 square feet and essential infrastructure such as a safety station and a sizable parking garage accommodating 700 vehicles.

The site, previously home to the U.S. Department of Veterans Affairs Brecksville hospital, is strategically located off I-77, providing a vital connection between the prominent Cleveland and Akron metropolitan areas. Valor Acres also positions itself as a key location for innovation and business, being home to the new Sherwin-Williams Research and Development Center and the DiGeronimo corporate headquarters.

The development has already seen significant progress, with the closure of Phase I in December 2021, which marked the initiation of multi-family housing and for-rent townhomes. Further expansion was realized in June 2023, with the inclusion of attached loft homes, a memorial park, and a community clubhouse.

The Bluffs at WaterWood Resort: Luxury Living Redefined

On the other end of Ohio, The Bluffs at WaterWood Resort in Vermilion epitomizes luxurious living amidst stunning natural beauty. This development comprises 26 premium townhomes designed with terraces that offer striking views of the surrounding landscape. Each unit features modern amenities, including rooftop decks and expansive floor-to-ceiling windows, creating an inviting and elaborate space ideal for both relaxation and entertainment.

WaterWood Resort differentiates itself with its unique architectural style that captures the essence of lakeside living. The heart of this development lies in the historical Estate, originally owned by the renowned inventor Donald Brown, known for his innovative drop ceilings. This Estate is set to be transformed into a vibrant community space, complete with luxury amenities such as a clubhouse, lakeside dining, an event center, a boutique inn, and a serene outdoor space that invites community engagement and relaxation.

To support the construction of The Bluffs, First National Bank provided the senior construction debt, ensuring that the project has the necessary resources to come to fruition.

BGL’s Role in Driving Regional Development

BGL's Real Estate Advisors team has played a crucial role as the exclusive financial advisor for both projects, working closely with DiGeronimo Companies, a prominent developer, capital provider, and construction management firm. Managing Director Anthony Delfre expressed pride in collaborating with DiGeronimo's dedicated team, highlighting the strong relationship that BGL has cultivated over the years.

Kevin DiGeronimo, a Principal at DiGeronimo Companies, praised BGL’s role in facilitating crucial financing, which he believes is instrumental in advancing the company’s development capabilities and enhancing banking relationships.

Future Outlook

These developments are poised to significantly influence the economic landscape of their respective regions. As the demand for mixed-use developments and luxury living spaces grows, the successful financing of Valor Acres and The Bluffs at WaterWood Resort represents a vital step in fulfilling this need while contributing to the overall growth and sustainability of Ohio’s real estate market.

With its strategic advisory services, BGL continues to be at the forefront of real estate investment banking, dedicated to supporting clients amid evolving market demands and delivering exceptional solutions tailored for all project needs.