ST. PETERSBURG, Florida - Bison Financial Group, Inc., a real estate advisory firm based here announces the closing of a loan assumption on a first mortgage secured by a 56-space manufactured home community in Cocoa, Florida. The borrower purchased the single purpose entity that owned the property and assumed the existing debt. The non-recourse loan had approximately 5 years remaining from the original acquisition loan.Bison worked with both the buyer and seller as their familiarity with the lender and the property was established back in 2001 when they arranged the original acquisition loan.

"Our longtime client, a Virginia businessman with several Florida parks in his portfolio, called to let us know he was selling this asset for a significant profit, but there was a problem: there was a lockout against prepayment and the buyer did not have enough cash to fill the void between the purchase price and the amount of the loan", said Jared Repka, one of the principals of Bison, "We custom tailored a solution working with the amount of cash the buyer could bring to the table and then structured mezzanine financing held by the seller without violating any loan covenants against subordinated debt." The fixed rate, non-recourse loan was originally structured at 75% LTV with a term of 7 years.

Bison works with investors and developers nationwide that invest in multi-tenant income producing properties and freestanding, single tenant facilities leased to credit tenants. Bison has an array of unique and dependable sources of private and institutional capital willing and able to lend on stabilized and turnaround properties in all shapes, sizes, conditions and locations. Bison has closed complex loans on commercial real estate in as little as 11 business days.