ST. PETERSBURG, Florida- Bison Financial Group, a real estate advisory firm based here announces the closing of a $1,220,000 pre-development loan used to acquire an entire city block for the future development of up to 60 multifamily homes in Clearwater, Florida. The site has tremendous frontage along the Pinellas Trail in the rapidly gentrifying "Old Bay" neighborhood just North of Downtown Clearwater.

Bison represented the borrower, a National developer/investor with big plans for future projects on Florida's West Coast. "Our client has a 30-year track record in the real estate development industry", said David Repka, one of the principals of Bison, "And this is the second for-sale community we have financed for this customer in Clearwater in the last 12 months. Construction is expected to begin in early 2006 with units priced from the low $300s."

Bison worked closely with the developer and lender to structure the deal and mitigate the development risks. The interest only senior loan features an interest rate of Prime plus 1% with a junior loan established as a line of credit for maximum proceeds. It was placed with a local bank which Bison closed its first loan with in 1998. Bison is now working on the construction loan, which will require minimum presales and customer down payments.

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 is a Mortgage Brokerage Business and local partner of RCG1, an opportunity fund that makes high leverage bridge, development and construction loans.