ST. PETERSBURG, Florida- Bison Financial Group, a real estate advisory firm based here, announces the closing of a $2,000,000 loan to acquire a garden style apartment property located in St. Petersburg, Florida. The lender was a Florida based community bank that Bison has placed dozens of loans with since 1997. Bison submitted a term sheet to the borrower within one hour of their initial meeting, had the property inspected and approved within 48 hours and presented a binding commitment letter within one week. Bison fought and prevailed over a West Coast lender that got so bogged down in the inspection and approval process that the borrower walked away from their deposits with that lender and sought out the experienced Bison team.

Bison represented the borrower, a Sarasota based investor looking to acquire a multifamily property with proceeds generated from a 1031 Exchange on a property in San Diego, CA. "The excitement being generated in the St. Petersburg marketplace is astounding", said Jared Repka, one of the principals of Bison. "Our investor feels that our beautiful little city on the Bay will become the 'San Diego of the East' over the next 20 years and real estate investors will be richly rewarded." The non-recourse acquisition loan was for 75% of the purchase price and structured as a 3-year term and a starting interest rate of 6.25%.

Bison works with investors and developers nationwide that invest in multi-tenant income producing properties and develop/turnaround value-added properties. The principals of Bison are the Florida Partners for Regional Capital Group, one of the nations leading private, commercial real estate lenders.