Wen Gap, LLC, Wen Gap West, LLC and Bay Partners, LLC, (collectively “WenGap”) a Virginia Beach, Virginia-based Wendy’s franchisee owned and operated by father and son duo Ed Anderson and Eddie Anderson, has secured a total of $37.5 million in new loan commitments to refinance its existing debt, fund the acquisition of 22 Wendy’s restaurants in Richmond, Virginia, and provide funds for future development and remodels. The new loan commitments included a $22.4 million senior secured business term loan, a $5.1 million senior secured real estate term loan, a $8.0 million development line of credit and a $2.0 million revolving line of credit. Post-acquisition, WenGap will own and operate 44 Wendy’s restaurants and properties underlying three of the locations. Auspex Capital acted as financial advisor and debt placement agent to WenGap for the transaction.
