BGL Real Estate Advisors completes financing for the development of the new headquarters of CBIZ, Inc.

CLEVELAND, April 19, 2022 /PRNewswire/ — Brown Gibbons Lang & Company (BGL) is pleased to announce the financial close of the new headquarters of CBIZ, Inc. (CBIZ). BGL’s team of real estate advisors served as the exclusive financial advisor to Welty Development Company on the transaction, with ERIEBANK and PACE Equity financing the approximately 137,000 square foot building.

“Welty Development is delighted to bring this Independence office building on the market in early 2023, already having a terrific foothold in CBIZ, Inc. We believe remaining rental space will fill quickly as companies seek out best-in-class office space as people go back to the office,” remarked Tom CharekPresident of Welty Development.

Located at the I-77/Rockside Road interchange, the development will be the first Class A office building built in Independence, Ohio, in more than 20 years. CBIZ plans to expand its head office operations, including adding new jobs and using state-of-the-art technology, in the new office space.

“CBIZ called Independence home for over 25 years and with this project we are excited to make an investment here for our future. Financing is a key step in this process, and we appreciate the efforts of the team at Brown Gibbons Lang & Company to orchestrate the necessary financing for the Welty development project. Our new space is designed with the future in mind, including the latest technologies and features that will engage and support our team. We look forward to moving into our new premises in early 2023,” said Ware Grove, Senior Vice President and Chief Financial Officer of CBIZ.

The development financing consisted of: (i) senior construction debt with ERIEBANK(ii) Property rated clean energy financing with PACE Equityand (iii) sponsor equity.

“ERIEBANK, a division of CNB Bank, is pleased to participate in Welty Development’s financing for the construction of CBIZ, Inc.’s new headquarters right here in Independencea few minutes from our ERIEBANK regional headquarters in seven hills. It is for us a great pride to know that ERIEBANK plays a role in the economic development of the city of Independence and surrounding towns. We hope this new Class A office building will spur additional real estate development around the I-77/Rockside Road interchange, and ERIEBANK is here to lend its support,” commented Wesley GillespieRegional President of ERIEBANK, Northeast Ohio.

BGL Real Estate Advisory Group offers comprehensive real estate investment banking services tailored to the middle market. She provides client-focused solutions with a focus on real estate advisory, debt, preferred and private equity investment, financial restructuring, recapitalizations, sale-leasebacks, structured finance and acquisitions and asset disposals in all asset classes. The team assists property owners and developers looking to form alliances and joint ventures with single-source capital providers to gain local and institutional access for all capital needs.

About Welty Development
Welty Development is a full-service developer focused on multifamily, corporate, and healthcare opportunities. Welty is differentiated by the strength provided by its unique, horizontally integrated organizational structure and delivery system. Their team is used to taking the important steps that come with developing a vision for a project. Welty Development brings an emotional intelligence to their work unlike anything else in the construction industry. Their approach is grounded in a willingness to challenge the way it’s always been done, in favor of doing what’s smartest, most efficient, and ultimately most beneficial to their clients and the communities they serve. . For more information, please visit www.thinkwelty.com.

About CBIZ, Inc.
In 25 years, CBIZ has become one of the largest providers of accounting, insurance brokerage and consulting services in the country. With over 100 offices across the country and a team of over 6,000 professionals, CBIZ offers a range of professional services and in-depth expertise unmatched in our industry to businesses and clients of all sizes. Common stock of CBIZ trades on the New York Stock Exchange (NYSE) under the symbol “CBZ”. For more information, please visit www.cbiz.com.

About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public companies and private equity groups on Mergers and Acquisitions, capital markets, financial restructuring, company ratings and opinions, and other strategic issues. BGL has investment banking offices in Chicago, Clevelandand philadelphia creamand real estate agencies in Chicago, Clevelandand San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to serve clients in over 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, Inc., an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com.

SOURCE Brown Gibbons Lang & Company

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