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ST. PETERSBURG, FL - Bison Financial Group, Inc. has been
named Regional Partner of Bond Street Capital and announces
the closing of a $24,500,000 loan to refinance the 380-key
Sirata Beach Resort located on the white sands of St. Pete
Beach, Florida. This transaction represents one of the largest
fixed-rate, non-recourse loans made on an unflagged hotel
property in the aftermath of 9/11. Bond Street Capital (BSC)
originates loans through a proprietary network of 43 branch
offices in the Unites States and Canada. Bison is one of the
founding members of the BSC network.
"The Hospitality
Industry has been hit hard by the lingering effects of global
terrorism," said Barry Reiner, CEO of Bond Street, "with resort
properties fueled by discretionary spending being one of the
last markets to bounce back. Our underwriting team was impressed
by the profound track record of the property owner to manage
through multiple economic cycles over the last 40+ years owning
& nurturing this property from its start as a 46 unit 'Mom
& Pop' motel". Bond Street Capital competed against multiple
portfolio & capital markets lenders to earn this transaction.
This non-recourse loan has an 8-year term, 25-year amortization
and has a fixed interest rate of 7.02%.
BSC has the
unique one-two punch of originating loans for sale to the
capital markets as well as being a nationwide correspondent
for portfolio investors seeking immediate, nationwide loan
origination in specific, niche markets from BSC's 43 loan
origination offices. For more information on both firms please
visit: www.BondStreetCapital.com and www.bisonfinancial.com.
The founders of Bison are brothers David & Jared Repka. Bison
has a nationwide network of community lenders, regional banks,
private "hard money" lenders and wealthy individuals for the
funding of transactions not covered by BSC including: construction
loans, mezzanine loans, equity investments and unique "out
of the box" loans.
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