Cleveland, Chicago | BGL Real Estate Advisors LLC (BGL) is pleased to announce the successful completion of the recapitalization and restructuring of the second phase of West Village, a mixed use redevelopment in downtown Durham, North Carolina, with Federal Capital Partners (FCP) providing a $5.0 million capital infusion to the project. The transaction also includes the restructuring of a $54.6 million senior loan, $34.0 million of historic Federal and State of North Carolina Mill Credits and $9.75 million New Markets Tax Credits. BGL was the exclusive advisor to the West Village Expansion and worked closely with FCP on the transaction.
Originally developed in 2007, Phase II of the West Village property is a unique conversion of the historic Liggett & Myers tobacco warehouses into 212 Class AA apartments, 70,000 square feet of Class A office and 30,000 square feet of street level retail.
“This recapitalization and restructuring of the West Village Expansion allows for the continued success of a project that was a catalyst for the economic revitalization of downtown Durham. The team at BGL Real Estate Advisors, headed by Anthony Delfre, was critical in completing the closing,” said Christian Laettner, a West Village Expansion member.
“FCP is pleased to have the opportunity to expand its holdings at West Village,” said FCP Managing Partner, Alex Marshall. “It was a pleasure to continue our working relationship with BGL from Phase l to Phase ll. The BGL team is to be commended for their rigorous execution of this difficult transaction.”
Brown Gibbons Lang & Company is a leading independent investment bank serving the middle market. BGL specializes in mergers & acquisitions advisory services, debt & equity placements, financial restructuring advice, and valuations & financial opinions, with global industry teams in healthcare, consumer, business services, basic industrials, and real estate. BGL has offices in Chicago, Cleveland and Salt Lake City, and Global M&A partner offices in more than 40 countries across 5 continents, which allows us to deliver our clients unparalleled access to corporations, investors, and opportunities globally. For more information, visit www.bglco.com.
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.
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.0 billion in assets since its founding in 1999. FCP is seeking debt and equity investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Virginia, Pennsylvania, the Carolinas, Delaware, New Jersey and West Virginia. FCP buys assets directly as well as through joint ventures with local operating partners through equity, preferred equity or mezzanine debt investments. The firm, based in Chevy Chase, MD, manages $769 million of discretionary capital. FCP is currently investing its second fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com.