$4.8 Million Cash Out Refinance Loan on Florida Multifamily
|ST PETERSBURG, FL – Bison Financial Group, a real estate advisory firm based here, announces the closing and funding of a class C multifamily apartment refinance loan on a recently acquired workforce housing property in the Tampa, Florida MSA.
Having worked with Bison on more than one occasion in the past, the borrower reached out to see what the capital markets might be able to provide for a cash-out refi. With the assembled team having worked together before, all parties worked seamlessly through the loan process and locked the rate at 3.525% for 10 years with 6 years of interest-only payments.
|Fun fact: Bison financed a couple multifamily properties for the patriarch of the borrower group over the past 20 years. This loan included the son in the deal keeping the next generation in the business! The $4.8 million non-recourse loan provided generous cash-out to our client which will enable them to make upgrades to their existing assets and look for potential acquisitions in the near term.
The principal’s of Bison Financial Group can tailor a similar loan scenario across all aspects of the commercial income producing real estate spectrum.