GIBRALTAR, MICH. — Brown Gibbons Lang (BGL) Real Estate Advisors has arranged a $22.3 million financing for an industrial property for Ferragon Corp. The multi-phased financing will support improvements to create a continuous annealing toll processing operation in Gibraltar, which is approximately 30 miles south of Detroit.
The processing center will become operational in late 2016. Once complete, the project will bring a largely vacant 550,000 square foot industrial complex back into EPA compliant condition.
The $22.3 million financing consisted of a $10 million building improvement loan, 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 $4.1 million for building and property acquisition.
BGL was the exclusive real estate advisor for the borrower, Ferragon in the transaction.
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.
Ferragon Corporation is a provider of comprehensive toll processing services for hot rolled and cold rolled steel that operates four other facilities in the Midwest and Southern regions.