ST. PETERSBURG, Florida - Bison Financial Group, Inc., a real estate advisory firm based here announces the closing of a $2,550,000 permanent loan to refinance an urban, unanchored neighborhood shopping center in St. Petersburg, Florida. The loan was placed with an insurance company through their local correspondent and the borrower was an Atlanta real estate investment & development firm that specializes in turning around neighborhood centers of this type. The proceeds of the loan were used to retire existing, higher cost debt.

"The borrower purchased the property about a year ago when the property was less than 70% occupied to fulfill a 1031 tax deferred exchange. The 1031 Exchange created many layers of complexity for the borrower and lender, but everyone managed to soldier through with professionalism and diligence toward a successful outcome", said David Repka, one of the principals of Bison. The loan was based on 85% of the developer's cost with a 20-year term and 20-year amortization. Recourse was required on only the top 25% of the loan. The interest rate for the first 5 years was fixed at 7.5%. The property is now 100% leased to a mix of national, regional and local tenants including: Price Cutter Salvage Liquidators Company, Family Dollar, The Athlete's Foot, Payless Shoesource, Rent Rite, Hong Kong Take-Out and Fat Boy's Beauty Supply.

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 capital willing and able to lend on properties in all shapes, sizes, conditions and locations. Bison has closed complex loans on commercial real estate in as little as 11 business days.