Total transaction dollars were: 5.5 million for the Land 73 million for the Apartment Build-out
Belden Village Mall
The Stark Group, represented by the Director of Stark Financial, reached out to The Revision Group to help his company secure 12 million dollars of equity for the purchase of a strong performing mall in Akron, owned by DDR. (Developer Diversified, A National REIT that owns over 300 shopping centers across the USA.) This deal fits some of the parameters that the Revision Group needs to get involved:
- Strong Sponsor- Stark Group owns a few million dollars’ worth of retail malls and lifestyle centers across the USA, but its stronghold in Ohio
- Great location, as although Malls are suffering across the USA, (brick and mortar models are being viewed as very risky, as Amazon and other “On-Line” business strategies, this mall has stood out as a strong player. Also, the Stark Group owns the nearest competitive mall in Canton, Ohio, where they have a 100% occupied mall, and now will have a dominant presence in Canton for traditional shopping malls
- The Revision Group sourced out many possible partners that have an interest in financing mall acquisitions, and we found the Ranier Group, from Dallas. We invited them to Cleveland to meet with our group and the Stark Group, and after a 2-day visit, we moved to an LOI in 4 days after their visit.
- We closed a 12 million dollar capital raise for Stark
- Both the Ranier Group and the Stark Group were very satisfied, and GEN X Capital and the Revision Group received agreed-upon capital fees and have developed a strong relationship with both the groups.