Wexford Bancgroup financed part of a $38.5-million bridge loan with an interest-only, four-year term. Local banks also participated in the loan, says Wexford Bancgroup CEO Steve Byers. Wexford Capital Partners also funded $3 million of a $10.2-million structured equity loan. And Wexford's corporate bank funded the $7.8-million mezzanine loan. Byers says Wexford stepped in after Bryn Mawr, LLC could not get financing through traditional bank programs.
A permanent loan will be funded upon completion of construction, expected by January 2002, and cash flow stabilization.
Lakeland Enterprises is the developer of the 14-story hotel, which will be run by Marriott subsidiary Renaissance Hotel Operating Co.
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