Brown Gibbons Lang (BGL) Real Estate Advisors Completes Financing for Michigan Toll Processing Facility
CLEVELAND, Sept. 24, 2015 /PRNewswire/ -- BGL Real Estate Advisors (BGL) is pleased to announce the closing of a complex capital structure for Ferragon Corporation (Ferragon). The multi-phased financing will support improvements to create a state-of-the-art Continuous Annealing toll processing operation in Gibraltar, Michigan that will become operational in late 2016. Once complete, the project will add approximately 100 new jobs for local residents and bring a largely vacant 550,000 square foot industrial complex back into EPA compliant condition.
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The $22.3 million financing consisted of (i) a $10 million building improvement loan, (ii) an $8.2 million Brownfield Tax Increment Financing (TIF) and job creation grant from the Michigan Economic Development Corporation and the Michigan Department of Environmental Quality, and (iii) $4.1 million for building and property acquisition. BGL was the exclusive real estate advisor to Ferragon in the transaction.
"BGL's Real Estate team, under the leadership of Anthony Delfre, was instrumental in helping us formulate an action plan at the beginning of this complicated project, and more importantly, helping us navigate through all of the changes ultimately needed to bring it to fruition. Everyone we encountered at BGL was knowledgeable, professional, and on top of their game," said Reed McGivney, Executive Vice President of Ferragon Corporation.
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 Consumer Products & Retail Services, Environmental & Energy Services, Healthcare & Life Sciences, Human Capital Management Outsourcing, Industrials, Metals & Metals Processing, Plastics & Packaging, and Real Estate. BGL has offices in Chicago and Cleveland and real estate offices in Irvine and San Antonio, in addition to Global M&A partner offices in more than 50 countries across 5 continents, which allows us to deliver to our clients unparalleled access to corporations, investors, and opportunities globally. For more information, please 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.
About Ferragon Corporation
Founded in 1983 and headquartered in Cleveland, Ohio, privately held Ferragon Corporation is a leading provider of comprehensive toll processing services for hot rolled and cold rolled steel that operates four other strategically located facilities in the Midwest and Southern regions. Ferragon's operations include those of Ferrous Metal Processing Co., FerrouSouth, Ferrolux Metals Co., Ferrous85" Co., Autolum Processing Co., and Ferrous Metal Transfer Co. This new facility, operating as Ferrolux Gibraltar, is the largest complex of its real estate holdings and will mark the fifth strategically aligned facility for the company. For further information on Ferragon Corporation, please visit www.ferragon.com.
Media Contact:
Anthony Delfre
216.920.6615
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SOURCE Brown Gibbons Lang & Company
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