$6.6 Million Modification and Expansion Loan for Multifamily
| ST PETERSBURG, FL – Bison Financial Group, a real estate advisory firm based here, announces the closing and funding of a modification and expansion loan for $6.6 million on a familiar property in Downtown Tampa, Florida. The new loan has a fixed rate of 4.5%. Bison placed the loan with one of their favorite local lenders.
Bison arranged the original acquisition loan for this property in Q1 2021. The new loan provides funds to acquire neighboring properties and significantly “bulk up” the size of the site thereby maximizing the property’s future development potential. The property will generate significant cash flow for the owners as low-density multifamily housing until the property is eventually redeveloped into a high-density, mixed-use project with sweeping views of Downtown Tampa. |
Fun fact: Bison extensively interviewed potential lenders for this opportunity and received the best execution for the client via a modification and expansion of the loan arranged in 2021. This is Bison’s third closing with the Sponsor since the heart of the global pandemic. In mid-2020 Bison closed a $13 million cash-out refi loan for the Sponsor on a stabilized multifamily property at a fixed rate of 3.07% – LINK The principals of Bison Financial Group arrange debt and equity on income-producing commercial real estate properties nationwide. |