Bison Financial Group Arranges $4.1 Million Acquisition Loan at 83% LTC for Waterfront Development Site in Pinellas County
| ST. PETERSBURG, FL – Bison Financial Group, a national real estate advisory firm, announced the closing and funding of a $4.1 million acquisition loan for a 7.5-acre waterfront development site on Boca Ciega Bay in Pinellas County, Florida. The financing provided the developer with 83% of the property’s purchase price and enabled the acquisition and commencement of pre-development activities.
The site, formerly home to a fishing camp that welcomed visitors for generations, is planned for a luxury residential community featuring 22 residential units, an amenity center, docks, and deeded boat slips. As a condition of closing, the developer secured the necessary entitlements for the planned development. Bison arranged the acquisition financing with a bridge lender that was willing to provide high-leverage financing without a pre-sale requirement. The transaction closed just 13 business days after execution of the term sheet. “We were able to identify a bridge lender that understood the exceptional value of the waterfront location and the experience of the development team,” said David Repka, Co-Founder of Bison Financial Group. “The lender took the time to understand the significant value the borrower had already created through the entitlement process and was willing to provide the capital needed to move the project forward.” |
The planned community is expected to be among the few newly developed luxury residential communities in Pinellas County offering direct boating access to the Gulf of America without requiring boats or sailing vessels to pass under a bridge. Bison Financial Group arranges debt and equity financing for commercial and investment real estate transactions nationwide. The firm’s clients include entrepreneurial real estate investors and developers seeking creative, flexible, and unconventional sources of capital for complex transactions. Since 1994, the principals of Bison Financial Group have been involved in the closing of more than $3 billion in real estate transactions. For more information about Bison Financial Group or its real estate financing capabilities, contact David Repka or Jared Repka. |