After the deal BBX will own 46% of Woodbridge which will own 100% of BXG. BXG's current Enterprise Value is $764.79M so that makes BBX's share worth $351.8M or $22.31 per BBX share. And remember, that's only the BXG part of the BBX's share value!
I think you are making a large mistake in concept. Namely, the more debt a company has the higher its enterprise value. Debt is added to enterprise value, cash assets are subtracted from it. If debt increased by ten billion, its enterprise value would increase by ten billion.