Bison Closes A&D Loan for 100% of Project Cost

by David Repka


Bison announces the closing and funding of a high-octane credit facility for a developer of single tenant net leased properties.


  • The tenant is Wawa, one of the nation’s fastest-growing gas/convenience store chains
  • Wawa is a privately owned company with 750+ locations based in Eastern Pennsylvania with roots dating back to 1803
  • The loan covers 100% of the developer’s investment required to acquire the land, obtain approvals, entitlements, permits, horizontal construction costs, and cover soft costs
  • When compared to traditional bank financing which only provides 75% of cost, this structure provides massive scalability to our developer client’s business model
  • Invested capital lies in the risky pre-development phase placing parcels under contract, negotiating leases with tenants, paying lawyers, engineers, and consultants fees required to obtain all government approvals to build the project
  • Once the deal has been de-risked, pre-development capital is returned at the closing of the loan so the developer’s coffers are re-charged
  • For a prolific developer with dozens of properties in the pre-development phase, funding like this makes the difference between having tens of millions of dollars invested in projects under construction or no capital invested once the project has been de-risked

The investment group procured by Bison does not share in the equity on the deal or have profit participation, just a strict coupon rate of interest. This was Bison’s 20th closing with the key sponsor.

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Bison's Track Record of successful closings