Bison Arranges Loan Modification on
St. Pete Apartment Property
ST. PETERSBURG, Florida- Bison Financial Group, a real estate advisory firm based here announces the closing of a $500,000 fixed-rate loan to refinance a garden style apartment property located in St. Petersburg, Florida. The lender was a community bank that Bison has placed multiple loans with since 1997.
Bison represented the borrower, a local investor, whom they assisted with the original acquisition loan in 2003 to acquire the property with proceeds generated from a 1031 Exchange. “The original loan was structured as a 15-year self liquidating loan so that our client would have a free and clear asset in their retirement years. The recent turbulence in the market caused our client to rethink their strategy so we restructured the loan on a much longer amortization schedule so they could maximize their day-to-day cash flow tremendously”, said David Repka, one of the principals of Bison. “We are always looking to be creative problem solvers and craft a win-win solution for our clients and our lending relationships”, said Jared Repka, partner in the firm. The 5-year loan was structured with a 25-year amortization and a fixed interest rate of 6.25%.
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.