$4.82 Million Acquisition Loan on Hotel to Multifamily Conversion
|ST PETERSBURG, FL – Bison Financial Group, a real estate advisory firm based here, announces the closing and funding of a hotel to multifamily conversion loan to acquire an underutilized property in Downtown Tampa, Florida.
Bison arranged the loan to acquire and renovate a run down hotel and convert it to multifamily. The property is located across the street from a growing University with 11,000 students and a housing crisis. Bison went to a mix of national and local lenders, but found the absolute best execution from a local bank in the local market in which the loan officer lived around the corner from the property and realized the potential.
Fun fact: this is the second closing with the Sponsor since the start of the global pandemic. In mid-2020 Bison closed a cash-out refi loan for the Sponsor at a fixed rate of 3.07% – LINK
The principals of Bison Financial Group can tailor a similar loan scenario across all aspects of the commercial income producing real estate spectrum.