Bison Closes 100% LTC Loan for New Look Wawa Gas/Convenience Store
| ST PETERSBURG, FL – Bison Financial Group, a real estate advisory firm based here, announces the closing and funding of their 13th high-octane construction loan for a preferred developer of Wawa gas station/convenience stores in the Northeast. The non-recourse construction loan is secured by a ground lease to Wawa corporate. This underutilized, non-conventional funding mechanism provides maximum loan dollars for the borrower to acquire the land, obtain entitlements, secure building permits, cover horizontal construction costs, and pay soft costs including an interest carry.
Wawa is one of the nation’s fastest-growing gas/convenience store chains. Wawa is a privately owned company with 1,000+ locations based in Eastern Pennsylvania with roots dating back to 1803. Fun fact: one of the previous sites funded by Bison for this development company was celebrated as the 1,000th Wawa store opening! Wawa plans to grow to over 2,000 stores over the next decade. The investor procured by Bison does not share in the equity upside on the deal or have a profit participation, just a strict coupon rate of return. This closing marks Bison’s 13th high-leverage Wawa financing and 32nd closed deal with the key principal of the development firm. According to Bison co-founder David Repka, “This latest Wawa store will introduce their ‘new look’ storefront that is very cool. Our relationship with the developer group continues to grow as we are quickly approaching our record of thirty-six closings with a single client. We plan on getting there this year!” |
The 100% LTC financing program targets developers seeking an alternative to full recourse bank financing that taps out at 55 to 60% of cost. Bison co-founder Jared Repka said, “This is the ideal program for developers with more opportunities than their current capital base can handle. If a developer is comfortable contributing 40 to 45% of cost in project equity that most of the conservative banks require, they do not need this form of high-octane money. We help developers with a massive pipeline of projects and limited working capital get deals done so they can focus on the next one!”
The principals of Bison Financial Group tailor win-win transactions and can deliver up to 100% loan to cost, non-recourse construction financing for the right developer and financially qualified tenant. This program only works for build to suits and renovations to suit, it does not work for stabilized properties with a capped upside. For more information on this unique program visit this link on the Bison website. For more information contact David Repka at 727-537-0330 or by email at dave@bisonfinancial.com |