The condominium-ized structure of the transaction allows for the following development at the intersection of West 25th Street and Detroit Avenue in the Ohio City District of Cleveland. The residential "condo" will be a state-of-the-art, ground-up development that will feature: i) 194 Class-A, market-rate apartment units with premier amenities, ii) 250 enclosed and secured parking spaces (180 spaces will be underground), iii) Second-floor pool and amenity deck, iv) 1,750-square-foot fitness center, v) 1,900-square-foot community room, and vi) 1,500-square-foot boutique grocery and convenience store. The commercial "condo" is an adaptive reuse conversion of the former historic Forest City Savings and Loan building that will feature: i) 38 affordable multi-family units, ii) 36 surface parking spaces, iii) 12,600 square feet of office space for The Beauty Shoppe, iv) 7,000 square feet of restaurant space, v) 19,000-square-foot charter school called The Music Settlement, and vi) another 11,000 square feet of additional office/retail commercial space on the east end of the complex.
Peter L. Snavely Jr. commented, "BGL's strong industry relationships and real-time market knowledge were instrumental in achieving the financial closing. In today's ever-changing financial climate, BGL's ability to navigate obstacles and foresee future problems defines their ability to add value to the real estate development process. Their hard working team of professionals delivered."
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving the middle market. BGL specializes in mergers and acquisitions advisory services, debt and equity placements, financial restructuring advice, and valuations and fairness opinions, with global industry teams in Business Services, Consumer, Environmental & Industrial Services, Healthcare & Life Sciences, Industrials, and Real Estate. BGL has offices in Chicago and Cleveland and real estate offices in Chicago, Cleveland, Irvine, and San Antonio, in addition to Global M&A partner offices in more than 50 countries across 5 continents. BGL is able to deliver to our clients unparalleled access to strategic relationships, investors, and opportunities globally. For more information, please visit www.bglco.com.
Logo - http://photos.prnewswire.com/prnh/20151210/295054LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/brown-gibbons-lang--company-bgl-real-estate-advisors-completes-residential-and-commercial-mixed-use-financing-for-snavely-group-300348655.html
SOURCE Brown Gibbons Lang & Company