AP&S Leads Wells Fargo Bank, N.A. Through Financing of Wentworth by the Sea Hotel and Resort
When Wells Fargo Bank, N.A.’s Hospitality Finance Group extended a commitment to an affiliate of Ocean Properties, Ltd. to finance the acquisition of the 161 guest room and suite Wentworth by the Sea Hotel and Resort, it selected AP&S to structure and complete the transaction. The transaction presented significant challenges with regard to due diligence investigation and documentation. These challenges were exacerbated by the fact that the entire transaction needed to be completed within a five-week timeframe.
Working with members of the Hospitality Finance Group and in-house legal counsel for the Bank, AP&S developed a strategy for the conduct of due diligence investigations of the property and the borrower and completion of documentation for the transaction. AP&S coordinated review of title, zoning, permitting and licensing of the property, and authority matters relating to the borrower entities. Additionally, AP&S worked collaboratively with Bank in-house counsel to draft documentation for the loan. AP&S together with senior members of the Hospitality Finance Group negotiated and finalized documentation for the loan. AP&S successfully deployed attorneys and other professionals on concurrent tracks in order to complete its tasks in accordance with the abbreviated schedule.
Wells Fargo Bank, N.A. funded and closed a $60,000,000 mortgage loan secured by the Wentworth by the Sea Resort and Hotel. The transaction closed within the five-week timeframe and was completed within the budgetary requirements of the Bank for legal services. The borrower, the Bank and their respective legal teams concluded the transaction in a collaborative and collegial manner and have continued their relationship by closing additional hotel financings.