BGL’s Real Estate Team Completes $16.3 Million Refinancing and Restructuring of Two Wyndham Hotels

Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the refinancing and financial restructuring of two Wyndham hotels totaling 245 keys in Avon, OH, and Noblesville, IN. BGL's Real Estate team served as the exclusive financial advisor to the ownership group in this transaction, with American Bank N.A. providing the bridge financing for the Wyndham Avon and Wyndham Noblesville hotels.

BGL's Real Estate team advised the owners on a tailored solution to navigate upcoming senior loan maturities by negotiating short-term forbearance, prepayment terms, and extension options for in-place bridge financing, while ultimately securing new multi-year term senior bridge financing. In addition, BGL raised preferred equity investment to recapitalize both hotels' balance sheets, which redeemed minority interests within the original ownership group and funded reserve accounts at each property.

The new American Bank bridge financing successfully retires maturing construction financing, along with the prepayment of a Small Business Administration 504 loan. With this execution, American Bank delivers an efficient financing structure to optimize hotel operations and reaffirm the long-term lending relationship with the Sponsor.

Zane Smith, Executive Vice President and Chief Banking Officer at American Bank: "We pride ourselves on finding bespoke solutions for our clients' credit needs. This is exactly what we had to do with this transaction. Over multiple months, we crafted a credit solution that worked for all parties, even accommodated a pivot, at the last minute, due to third-party issues. It was a pleasure working with the Ceres and BGL team on these assets to find a creative lending structure."

BGL previously closed on the brand conversion for a portfolio of hotels that included the Wyndham Avon and Wyndham Noblesville at Noblesville Innovation Mile.

David Crisafi, President of Ceres Enterprises: "As these hotels faced maturity walls in the current capital markets environment, BGL's advisory was pivotal to arrange a beneficial solution that would continue supporting the strong operational performance at both properties. BGL and American Bank quickly structured the new issuance and ran an efficient closing process to achieve key milestones and deadlines. We look forward to the continued partnership with American Bank as an institutional hotel lender."

Ceres Enterprises is a leading developer and operator of premier hotels in the Midwestern United States, whose portfolio includes Marriott, Hilton, and Wyndham hotels. The Orlean Company is a leading Ohio-based real estate developer with extensive ground-up commercial real estate experience, including senior and assisted living care housing, affordable and market-rate multifamily housing, and commercial retail and for-sale housing in Northeast Ohio.

About BGL's Real Estate Team

BGL's Real Estate Team offers comprehensive real estate investment banking services tailored to the middle market. It provides client-focused solutions with an emphasis on real estate advisory, debt, preferred and private equity placement, financial restructuring, recapitalizations, sale-leasebacks, structured finance, and asset acquisitions and dispositions across all asset classes. The team assists real estate 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.