$5.1 Million Cash Out Supplemental 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 B multifamily apartment supplemental loan on a beautifully maintained property in their hometown of St Petersburg, Florida. This is the second supplemental loan placed on this property, which was unheard of until now.
The principals of Bison have worked with the ownership group since 2020 when Bison arranged a $13mm refinance loan on this property, and then again in 2022 when Bison arranged the first supplemental loan for $2.9mm on the property. Effectively a 3rd mortgage, this latest supplemental loan continues to allow the owner to tap into the incredible equity appreciation they have produced from running the property so well. It is truly a testament to how a multifamily property should be owned, operated, and maintained. |
The $5.1 million non-recourse, second supplemental loan creates a blended interest rate of 4.34% on all the debt Bison has arranged on the property and provides generous cash-out to their client which will enable them to re-invest in new properties and make upgrades to their existing assets to enhance the communities they serve.
The principals of Bison Financial Group arrange debt and equity on income-producing commercial real estate properties nationwide. Bison’s clients are entrepreneurially minded investors that constantly need access to creative, unconventional sources of capital. Please follow this link to Bison’s Track Record – LINK. |