Brown Gibbons Lang & Company (BGL) is pleased to announce the financial closing of the second phase at Residences at Valor Acres, a component of a larger mixed-use development at Valor Acres in Brecksville, Ohio. BGL’s Real Estate Advisors team served as the exclusive financial advisor to the DiGeronimo Companies in the transaction.
The development financing consisted of: (i) an acquisition and development loan with Huntington Bank, (ii) a vertical construction loan with Huntington Bank, and (iii) sponsor equity. Huntington Bank will finance 25 for-sale townhomes and duplex homes, a memorial park, and clubhouse.
Valor Acres, located conveniently off I-77 in the heart of Northeast Ohio, provides new opportunities for the preeminent mixed-use development between Cleveland and Akron. In October of 2020, the Sherwin-Williams Company purchased a portion of the land at Valor Acres for development of their new research and development center, bringing hundreds of high-paying jobs and an immediate need for new housing in the area. The new R&D center will consist of multiple buildings, parking areas and green space and will initially employ approximately 800-900 workers. Additional employment opportunities are expected as Sherwin-Williams continues to grow. The R&D center is the catalyst to attract increased office, residential, hospitality, and retail investment.
Valor Acres sits in a prime location with a 30-minute drive time to the majority of Northeast Ohio and is located between two major airports, Akron-Canton Airport and Cleveland Hopkins International Airport. In addition to the Residences of Valor Acres, the master plan for Valor Acres includes new offices, a luxury hotel, as well as retail and entertainment space.
BGL previously advised the DiGeronimo Companies on Phase I of the project, which closed in January of 2022.
The DiGeronimo Companies is a leading developer, capital provider, and construction management firm headquartered in Independence, Ohio. For over 60 years, DiGeronimo Companies has combined integrity with unparalleled company principles and a diverse portfolio of services to be the integrated partner for all project needs. DiGeronimo Companies are a full-scope developer with projects in retail, industrial, student housing, and mixed-use developments.
BGL’s Real Estate Advisors Group offers comprehensive real estate investment banking services tailored to the middle market. We provide client-focused solutions with an emphasis on real estate advisory, debt, preferred and private equity placement, financial restructuring, recapitalizations, sale-leasebacks, structured finance, and asset acquisitions and dispositions across all asset classes. Our team assists real estate owners and developers looking to form alliances and joint ventures with single-source capital providers to gain local and institutional access for all capital needs.