Wharton Gladden Closes $8 Million Debt Facility for Hotel Franchise
Algenon Cash, managing director of investment banking group Wharton Gladden & Company, announces today the firm has successfully closed on an $8 million debt facility to finance the acquisition of a flagged hotel in Charlotte, North Carolina.Wharton Gladden was extraordinarily successful in quickly closing the structured capital facility.
“Wharton Gladden has a simple purpose and that is to support our clients – we are determined to fulfill that purpose in good and bad times,” said Cash.
The firm structured and closed the $8 million debt facility, with $7 million of the debt collateralize by real property, and $1 million secured by equity interest in a newly formed limited liability partnership.
The sponsors had the unique opportunity to purchase the distressed asset from a regional bank. Wharton Gladden advised the sponsor and existing financial institution, negotiated the discounted purchase offer and secured a private equity investor to provide the capital.
According to Cash, “Wharton Gladden has a multitude of relationships with institutional and high net-worth investors demanding opportunities, which is fueling significant growth advisory and capital placement opportunities for the boutique firm.”
About Wharton Gladden & Company:
Wharton Gladden & Company is a uniquely designed boutique investment banking firm that specializes in providing strategic advisory services, underwriting, capital placement and private equity for a diversified client base that includes corporations, real estate developers, financial institutions, investors, municipalities and high net worth individuals.