Tuesday, August 20, 2024 Brown Gibbons Lang & Company (BGL) is pleased to announce the successful closing of bridge financing with Access Point Financial, LLC (APF) for the 168-key Hilton Garden Inn at Cleveland Hopkins International Airport. This financing was secured on behalf of the hotel’s owners, Ceres Enterprises, and The Orlean Company. This refinancing marks the completion of a comprehensive financial restructuring that became necessary due to the pandemic’s significant impact on the hospitality industry.
The restructuring process included several key steps: Originally developed by Ceres Enterprises and The Orlean Company in 1998, the Hilton Garden Inn at Cleveland Hopkins Airport features a restaurant and lounge, 3,300 square feet of meeting space, an indoor pool, a fitness center, and a market pantry. Located strategically along I-480, just north of the airport, the renovated hotel is positioned to be the top lodging choice for over 10 million travelers annually and to support the $3 billion Cleveland Hopkins Airport master plan. “The pandemic presented unprecedented challenges for this hotel and submarket, but BGL’s advisory was paramount to our ownership group as we navigated the disruptions in the capital markets,” said David Crisafi, President of Ceres Enterprises.
From negotiating with the Special Servicer to sourcing new capital, BGL operated as a true partner to deliver the best possible outcomes. We look forward to our new partnership with Access Point Financial and ushering this hotel into the next phase of its lifecycle.” Ceres Enterprises is a prominent developer and operator of premier hotels in the Midwestern United States, with a portfolio that includes Marriott, Hilton, and Wyndham Hotels.
The Orlean Company is a leading Ohio-based real estate developer with extensive experience in ground-up commercial real estate, including senior and assisted living housing, affordable and market-rate multifamily housing, and commercial retail and for-sale housing in Northeast Ohio. Access Point Financial, LLC (APF), based in Atlanta, is a direct hospitality lender offering bridge, PIP, capex, construction, and mezzanine/preferred equity financing to qualified hoteliers throughout the United States and Canada. APF’s flexible loan programs are typically utilized for refinancing, construction take-out, renovations or brand-mandated PIPs, and value-add transactions, including asset repositioning, hotel conversions, and ground-up construction.
BGL’s Real Estate Advisors team provides comprehensive real estate investment banking services tailored to the middle market. The team offers client-focused solutions, including 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. They assist real estate owners and developers in forming alliances and joint ventures with single-source capital providers to access both local and institutional capital for all their needs.
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