$14 Million Cash Out Refinance Loan on Florida Multifamily
|ST PETERSBURG, FL – Bison Financial Group, a real estate advisory firm based here, announces the closing and funding of a class C multifamily apartment refinance loan on a well maintained workforce housing property in the Tampa, Florida MSA.
With continued turmoil in the markets due to the pandemic, the borrower reached out to Bison for a solution. All parties worked diligently and smoothly through the loan process and locked the rate at 2.73% for 10 years with payments based on a 30-year amortization.
|Fun fact: Bison financed this deal about 20 years ago for the father of one of the partners when he owned the property. Once closed this will be the lowest all-in rate offered to a customer in our 26 years in business! The $14.08 million non-recourse loan provided generous cash-out to our client which will enable them to make upgrades to their existing assets to enhance the communities they serve.
The principal’s of Bison Financial Group can tailor a similar loan scenario across all aspects of the commercial income producing real estate spectrum.