Border Foods of Wyoming, LLC, Border Foods of Wisconsin, LLC and Sioux Falls Bells, LLC, (collectively “Border Foods”), a New Hope, Minnesota-based Taco Bell franchisee owned and operated by long-time Taco Bell franchisees Jeff and Lee Engler, secured $59,950,000 in new loan commitments, including a term loan, a development line of credit and a revolving line of credit from Huntington National Bank to refinance its existing debt, fund a special dividend to shareholders and provide growth capital for remodels and new unit development.
Auspex also secured long-term financing for three affiliated real estate holding companies to refinance existing debt and provide funding for future restaurant development. Marvin Development IV, LLC (“MD4”) secured a total of $35,700,000 of financing from Northern Trust Corporation. Marvin Development of South Dakota, LLC (“MDSD”) secured a total of $43,370,000 in financing from Huntington National Bank. Marvin Development of North Dakota, LLC (“MDND”) secured a total of $13,750,000 in financing from First Horizon Bank.
The Englers, through various affiliated entities, own and operate 217 Taco Bell restaurants including 97 properties and are one of the five largest Taco Bell franchisees in the United States. Auspex Capital acted as the financial advisor and debt placement agent to Border Foods and its real estate holding company affiliates for these transactions. Over the last 17 years, Auspex has completed a total of 51 Debt Placement, M&A and Strategic Advisory assignments for the Englers.