Bison Closes Loan on Tampa Shopping Center
ST. PETERSBURG, Florida – Bison Financial Group, a real estate advisory firm based here announces the closing of a $5,600,000 loan to refinance a term defaulted CMBS loan on a national retail anchored neighborhood shopping center in Tampa, FL. This is the 35th loan Bison has placed with this lender since 1997.
Bison represented the borrower, a Florida investment group that originally developed the property and considered this asset part of “the family ranch” and thus had no interest in losing it to the foreclosure vultures. “The past 4 years have been difficult for everyone, from the largest institutions all the way down to families, yet with a smart plan and good people to work with almost any seemingly hopeless situation can be remedied”, said Jared Repka, one of the principals of Bison, “once we understood all the facts we were able to put together the proper game plan and tell the story in order to get the loan closed for our client.” The loan was structured with a 5-year term and an initial interest rate under 6%. Tenants at the property are a mix of national and local tenants including: Staples, Panera Bread, Regions Bank, Planet Smoothie and others.
Bison has an array of unique and dependable sources of private and institutional capital willing and able to lend on properties in all shapes, sizes, conditions and locations. Bison works with investors nationwide that invest in traditional, vanilla income producing properties (retail, office/industrial, multi-family & hospitality) as well as more unique property types, development projects and special situations. Bison has closed complex loans on commercial real estate in as little as 8 business days.