CLEVELAND, Oct. 31, 2016 /PRNewswire/ -- BGL Real Estate Advisors LLC is pleased to announce the successful completion of development financing for Ceres Enterprises LLC and The Orlean Company. The capital structure will support their third development of Choice Hotel's new limited service brand in Westfield, Indiana, joining properties in Noblesville, Indiana and Avon, Ohio.
The $20.757 million financing consisted of: (i) senior construction and FF&E loans totaling $15.568 million, (ii) $2.02 million in subordinated debt, and (iii) $3.17 million of sponsor equity. Funding sources including Heartland Bank, Citizens National Bank, The Peoples Bank Company, and Choice Hotels were represented in the transaction.
The Cambria brand was launched by Choice Hotels in January 2005 as a lifestyle hotel targeted at medium frequency and millennial business travelers, with the first properties opening in 2007. The Westfield Cambria will be situated on three acres in the Grand Park Village Planned Unit Development District in Westfield, Indiana, across from the Grand Park Athletic Center—the largest sports complex of its kind in the United States. The Westfield Cambria will be the first hotel constructed in the Grand Park community, which is poised to become one of the largest tourist attractions in Indianapolis.
Ceres Enterprises is a leading developer and operator of fine select service hotels in the Midwestern United States and is a preferred developer and operator of Marriott, Hilton, and Choice 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, as well as commercial retail and for-sale housing.
"I would like to thank the BGL team for its diligent effort throughout the transaction process and look forward to working together on future projects," said David Crisafi, president of Ceres Enterprises, LLC.
About Brown Gibbons Lang & Company Brown Gibbons Lang & Company is a leading independent investment bank serving the middle market. BGL specializes in mergers and acquisitions advisory services, debt and equity placements, financial restructuring advice, and valuations and fairness opinions, with global industry teams in Business Services, Consumer, Environmental & Industrial Services, Healthcare & Life Sciences, Industrials, and Real Estate. BGL has offices in Chicago and Cleveland and real estate offices in Chicago, Cleveland, Irvine, and San Antonio, in addition to Global M&A partner offices in more than 50 countries across 5 continents. BGL is able to deliver to our clients unparalleled access to strategic relationships, investors, and opportunities globally. For more information, please visit www.bglco.com.