KENT, OH-Cleveland-based 3D Real Estate Partners Ltd. has gained a restructuring loan and further capital for its Cascades of Brimfield project here. The 113-acre mixed-use retail and multifamily project has been split off by 3D to different users, but there’s still about 45 acres left to develop.
The developer started the project a couple years ago, and provided property to Wal-Mart, Kohl’s and Lowe’s for stores on the site. 3D sold the retailers their property, as it also did for a multifamily development near the entrance. The developer kept about 70,000 square feet of additional small- to mid-box retail, including Marshall’s, Game Stop and Dollar Tree, and plans another 140,000 square feet of similar retail.
BGL Real Estate Advisors LLC, also based in Cleveland, arranged the lending for the developer. Daryl Kertesz with BGL tells GlobeSt.com that the entire 113-acres is worth more than $100 million, and the 3D’s current property, including the potential development land, is worth about $30 million.
Kertesz says his firm secured terms on the restructured senior debt, as well as a significant infusion of new equity capital from a private equity investor, which will enable the developer to further position the development. He would not reveal the loan amount. “The partner has deep pockets that can provide enough funding to build out the remainder of the property,” he says. “This is the leading project in the market, and it draws shoppers as far east as Pennsylvania.”
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