Minimum investment
$100k
Offering size
$12.5M
How much has sold
22.0%
Asset type
Mixed-use (multifamily, grocery, retail and restaurants) property
Location
Richmond Heights, OH
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Belle Oaks Marketplace is DealPoint Merrill's redevelopment of the shuttered Richmond Town Square mall in Richmond Heights, Ohio, into apartments, a Meijer grocery, retail and restaurants.1 The issuer — an LLC whose legal name refers to debentures — filed to raise up to $12.5 million from accredited investors under Rule 506(c), the exemption permitting public advertising. Its last Form D amendment dates to October 2022.
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
Who is the tenant, and what's the lease?
The SEC record for this issuer discloses no tenant roster and no lease terms. Sponsor materials describe a Meijer supercenter as the retail anchor alongside apartments and restaurant space, but the underlying residential and retail leases are not part of the public filing.
How did it end?
No ending on record
SEC Form D for the exact issuer contains no post-raise disposition or status, while DealPoint Merrill's Belle Oaks disclosures concern a sponsor-led redevelopment and a separately named DPM Belle Oaks Marketplace Fund 1 LLC; therefore no direct sale, 721/UPREIT, foreclosure, distress, or continuing-ownership outcome is established for DPM BELLE OAKS DEBENTURES 1 LLC.
DealPoint Merrill's offering page describes the DPM Belle Oaks Marketplace Fund 1 LLC as a redevelopment of the former Richmond Town Square site into a mixed-use 'live-work-play' community with Phase 1 totaling 798 apartments and a 159,000-square-foot Meijer with expected completion in 2026.
798 luxury 1- and 2-bedroom apartments; 1.7 million SF total mixed-use including 159,000 SF MeijerSupporting evidence
How is it financed, and what does it pay?
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
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
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
- DPM
- Legal Trust name
- DPM BELLE OAKS DEBENTURES 1 LLC
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 4 total offerings from DPM
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Belle Oaks Marketplace?
Top1031 lists Belle Oaks Marketplace as historical. It is no longer raising money.
Where does Top1031 get the data for Belle Oaks Marketplace?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
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.
Chapter 9Belle Oaks Marketplace seeks 25-foot-tall obelisk at Richmond Heights developmentThe local report said DealPoint Merrill was seeking a variance for a 25-foot sculpture at Belle Oaks Marketplace's east entrance off Wilson Mills Road. Walker & Dunlop Arranges $55M for Ohio Mixed-Use DevelopmentWalker & Dunlop arranged $55.16 million in construction financing for Phase I of Belle Oaks Marketplace, the mixed-use redevelopment in Richmond Heights. DealPoint Merrill's Belle Oaks Marketplace Secures $55 Million in Port of Cleveland Bonds, Highlighting Landmark Redevelopment in Richmond Heights, OhioDealPoint Merrill announced $55 million in Port of Cleveland bonds for the Belle Oaks Marketplace mixed-use redevelopment, described as a 1.7 million-square-foot project with about 800 residences and a Meijer supercenter. DPM Belle Oaks Marketplace Fund 1 LLC Lawsuit InvestigationThe dated investigation reported $650,000 sold to two investors and more than $44 million remaining to be sold for the DPM Belle Oaks Marketplace Fund 1 LLC offering.