BGL Real Estate Advisors Completes Financing for a Leading Real Estate Investment Firm
October 12 2011
BGL Real Estate Advisors LLC (BGL) is pleased to announce the successful completion of a restructuring and recapitalization transaction for The Cascades of Brimfield, a large mixed-use development owned by 3D Real Estate Partners, Ltd.
3D Real Estate Partners, Ltd. (3D) is a fully-integrated real estate investment firm based in Cleveland, Ohio. 3D employs a conservative and methodical approach to the real estate investment business. The firm currently owns, develops, and manages approximately 3.6 million square feet of office, industrial, retail, and multi-family property throughout Ohio, Pennsylvania, and Georgia. Companies such as Wal-Mart, Lowe’s, Kohl’s, Regis Corporation, TJX Companies, and Atlantic Trust rely on the family of 3D companies. The Cascades of Brimfield is a 113-acre retail and multi-family development located in Portage County, Ohio, and is anchored by Wal-Mart, Kohl’s, and Lowe’s.
BGL advised 3D on the restructuring of an outstanding senior mortgage loan and the recapitalization of the firm’s site-specific operating and development subsidiaries. BGL was able to secure favorable terms on the restructured senior debt, as well as a significant infusion of new equity capital from a private equity investor, which will enable 3D to further position the development as the leading retail destination in the market.
Paul DiGiorgio, president at 3D Real Estate Partners, Ltd. commented, “BGL was very effective in identifying a capital source in these very challenging times. We have now aligned ourselves with a strategic partner that will enable us to accomplish our goals and this new financing source allows us future sustainability for our project.”
Nico Bolzan, director at BGL said, “While this advisory assignment brought its share of challenges, particularly given market timing for a retail development during such a difficult economic climate, we were able to leverage our access to a full spectrum of capital sources to structure a financing solution that provides the patient capital required to allow the project sufficient time for completion.”
About Brown Gibbons Lang & Company (BGL)
BGL is a leading independent investment bank serving middle market companies and their owners throughout the U.S. and internationally. BGL’s professionals are experts in mergers & acquisitions, debt & equity placements, financial restructurings, and valuations & financial opinions. BGL is the lead U.S. shareholder in Global M&A, the world’s leading partnership of independent middle market financial advisory firms focusing on cross-border transactions. For more information, visit www.bglco.com.
About BGL Real Estate Advisors
BGL Real Estate Advisors provides comprehensive real estate investment banking services to the middle market, which includes real estate advisory, debt and equity placements, financial restructuring, and asset acquisition and disposition. BGL’s services cover the full spectrum of asset classes, including multi-family, student housing, hospitality/leisure, office, retail, industrial, and senior and assisted living properties.