Belle Oaks Marketplace
Mixed-use property in Richmond Heights, OH · sponsored by DPM
Belle Oaks Marketplace was a DST sponsored by DPM that owned a mixed-use property in Richmond Heights, OH. Its last Form D was filed Oct 24, 2022.
How it ended
No outcome recorded · under 7 years
Last Form D filed Oct 24, 2022.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $12,500,000Equity offered, per the Form D
- Sold
- 22.0%Form D, Oct 24, 2022; the % is our arithmetic
- Investors reported
- Form D, Oct 24, 202213
- Selling commissions
- Form D Item 15; the % is our arithmetic$0 · 0.0% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: Belle Oaks Marketplace. Top1031 is not a broker-dealer.What did Belle Oaks Marketplace own?
DealPoint Merrill bought the closed Richmond Town Square mall site in Richmond Heights, Ohio, from Kohan Retail Investment Group in 2021 and began rebuilding it as a live-work-play district. 1 The sponsor says construction started in 2023, with phased occupancy beginning in 2026 and full completion expected in 2028. 2 A July 30, 2026 report said the first residential building expects tenants in November 2026. 3
- Reported location
- Richmond Heights, OH
- Property size
- 798 luxury 1- and 2-bedroom apartments; 1.7 million SF total mixed-use including 159,000 SF Meijer
How was it financed, and what did it cost to sell?
Borrowed money sits in this deal's capital stack, and lenders are repaid ahead of investors. At the project level, Walker & Dunlop arranged a $55 million floating-rate, interest-only construction loan funded by Genesis Capital for Phase I. 1 DealPoint Merrill separately announced Port of Cleveland bond financing on December 15, 2025. 2
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $0 · 0.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- None named in the Form D
- Date of first sale
- Jun 21, 2022
- Minimum investment
- $100,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together.
Who's behind Belle Oaks Marketplace?
DPM is DealPoint Merrill, the developer of the Richmond Heights project; its Form D named David Frank and David Rumsey as executive officers and promoters. 4 The firm has kept the redevelopment in public view — announcing $55 million in Port of Cleveland bonds in December 2025, and in May 2026 seeking a zoning variance for a 25-foot obelisk at the site's Wilson Mills Road entrance. 2
- Sponsor
- Offerings on record
What does the SEC record show?
Two notices make up the entire SEC record here: an original Form D and a single amendment that reported the same totals as the original, with nothing filed since. The offering is made under Rule 506(c), which allows public advertising but requires the sponsor to verify that every buyer is an accredited investor.
- Legal Trust name
- DPM BELLE OAKS DEBENTURES 1 LLC
- SEC CIK
- 1939332
- First Form D
- Aug 4, 2022
- Latest Form D
- Oct 24, 2022
- Filings on record
- 2
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $12,500,000 | $2,750,000 | 13 | EDGAR | |
| Form D | $12,500,000 | $2,750,000 | 13 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to Belle Oaks Marketplace?
- Belle Oaks Marketplace is a Historical offering. Last Form D filed Oct 24, 2022.
- Is this the same thing as DPM Belle Oaks Marketplace Fund 1 LLC?
- No. This record covers DPM Belle Oaks Debentures 1 LLC, CIK 1939332, which filed its own Form D. DPM Belle Oaks Marketplace Fund 1 LLC is a separate filer tied to the same Richmond Heights project. The White Law Group published a lawsuit-investigation notice dated August 29, 2025 about that Fund 1 entity, citing $650,000 sold to two investors and more than $44 million remaining there — different entity, different numbers than the filings on this page.
- What does "Debentures" in the entity name mean?
- The legal filer is DPM Belle Oaks Debentures 1 LLC. A debenture is a debt instrument — generally an unsecured promise to repay principal with interest — rather than a fractional ownership interest in real estate. The Form D notice does not spell out the security's terms, so the offering documents are the only place those terms appear.
- What was the minimum investment?
- The Form D reported a $100,000 minimum outside investment. That figure comes from the original notice filed August 4, 2022 and was unchanged in the October 24, 2022 amendment.
- Is the property finished?
- Not as of the latest reporting. DealPoint Merrill said construction began in 2023, with phased occupancy starting in 2026 and full completion expected in 2028. A July 30, 2026 report said the first building was targeting November 2026 for its first residents.
- Has any outcome been reported for this offering?
- No. Nothing has been filed with the SEC for this issuer since the October 24, 2022 amendment, and no sale, refinancing, 721/UPREIT roll-up into a REIT, or foreclosure outcome has been reported for this specific entity. No outcome reported yet.
In the news
Sources
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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.