ST. PETERSBURG, Florida- Bison Financial Group, a real estate advisory firm based here, announces the closing of a $2,042,000 HUD 223(f) loan to refinance two garden style apartment properties located in St. Petersburg, Florida.
Bison was called in to secure replacement debt for the original HUD 202 construction loan with a then current interest rate of 9.75%. Bison represented the borrower, a St. Petersburg based private, not-for-profit organization serving individuals with mental disabilities, the homeless and youth in Pinellas, Hillsborough, Manatee, Pasco and Sarasota Counties. “Once completed our client could not have been happier as the new debt was fixed at 2.65% over a fully amortizing 35 years!
Yes, we managed to save them a whopping 710 basis points from their original loan!”, said Jared Repka, one of the principals of Bison. “In the end everyone was thrilled and there was enough reserve monies set aside to care for the upkeep of the properties for the next 35 years.”
Bison works with investors and developers nationwide that invest in multi-tenant income producing properties and freestanding, single tenant facilities leased to credit tenants. Bison has an array of unique and dependable sources of private and institutional capital willing and able to lend on stabilized and turnaround properties in all shapes, sizes, conditions and locations. Bison has closed complex loans on commercial real estate in as little as 11 business days.