BGL Real Estate Advisors Completes Development Financings for Valor Acres and The Bluffs at WaterWood Resort

Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the financial closings of the Valor Acres mixed-use development in Brecksville, Ohio, and The Bluffs at WaterWood Resort in Vermilion, Ohio. Fifth Third Bank & First Commonwealth Bank provided development financing for Valor Acres, and First National Bank provided development financing for The Bluffs. BGL’s Real Estate Advisors team served as the exclusive financial advisor on both transactions to the DiGeronimo Companies, a leading developer, capital provider, and construction management firm.

“We were thrilled to assist the DiGeronimo development team in our advisory role and have strong conviction on both projects,” said Anthony Delfre, Managing Director at BGL. “The relationship between BGL and DiGeronimo Companies dates back to the early days of our firm, and we look forward to continuing to assist them with their long-term development plans.”

Added Kevin DiGeronimo, a Principal at DiGeronimo Companies, “The BGL Real Estate team assisted the DiGeronimo Development team with the financings of very important and catalytic projects in the region and expanded our banking relationships as we continue to grow our development company. We appreciate and value the BGL team and the expertise they bring to our projects.”

Valor Acres
Valor Acres is an upscale mixed-use development in Brecksville, Ohio. The financing will facilitate the development of 44,000 square feet of Class A office space, 221 luxury apartment units with best-in-class amenities, 70,000 square feet of retail and entertainment space, an onsite safety station, and a 700-space parking garage. Valor Acres is on the former site of the U.S. Department of Veterans Affairs Brecksville hospital and is conveniently located off I-77, providing a new development opportunity between Cleveland and Akron. Valor Acres is also home to the new Sherwin-Williams Research and Development Center and the DiGeronimo corporate headquarters.

DiGeronimo Companies closed on Phase I of the project in December 2021, which included the development of a multi-family building as well as for-rent townhomes, and closed on the for-sale townhomes, attached loft homes, memorial park, and clubhouse in June 2023. BGL’s Real Estate Advisors team served as the exclusive financial advisor for both of those transactions.

The development financing for Valor Acres consisted of: (i) senior construction debt with Fifth Third Bank & First Commonwealth Bank, (ii) Transformational Mixed-Use Development tax credits, (iii) Cleveland-Cuyahoga County Port Authority incentives, and (iv) sponsor equity.

The Bluffs at WaterWood Resort
The Bluffs consists of 26 luxury townhomes  on the resort’s west side. With a terraced design that allows for breathtaking views, these units have features that highlight the surrounding area , such as rooftop decks, open modern floorplans with floor-to-ceiling windows, and covered balconies and patios overlooking the water. WaterWood Resort will feature cutting-edge architectural designs, stunning lakefront views, nature-oriented aroma, and proximity to   various recreational activities.

At the heart of the resort resides the Estate, originally owned by the well-regarded inventor Donald Brown, creator of the famous drop ceilings. The Estate will be redeveloped into a community that features luxurious amenities such as a clubhouse, lakeview dining, event center, boutique inn, outdoor bar, and inground pool on  acres of beautiful open meadows  with direct views of the lake and a space for the community to meet, play, and socialize.

The development financing for The Bluffs consisted of: (i) senior construction debt with First National Bank and (ii) sponsor equity.

BGL’s Real Estate Advisors Group offers comprehensive real estate investment banking services tailored to the middle market. It provides 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. The 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.