I can't think of any circumstances under which they need that much cash upfront - e.g. the upfront cash even on a entirely new building would seem substantially less than that.
They don’t need to spend that much money at the outset, but they want a reasonable assurance up-front that they have access to enough cash to bring the FoB program(s) to fruition.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”