Largo Finances $23.9 Million for Three Hotel Properties
BUFFALO, NY – June 29, 2015 – John Svec, Managing Director of the Largo Hospitality Finance Group, arranged $23.9 million in financing for three hotel properties located across the United States.
Svec financed Willows Lodge, an 84-room, four star boutique hotel located just 20 miles east of Seattle. The property is situated in the Woodinville Wine Country, featuring over 135 wineries and tasting rooms, numerous outdoor activities and upscale shopping. The Lodge features an elegant spa, highly acclaimed fine-dining and catering, serene grounds and access to authentic Washington wineries. Svec defeased and refinanced a CMBS mortgage with a 10-year fixed rate loan through one of Largo’s correspondent life insurance companies. The loan was structured with three years interest-only and 27-year amortization.
The second property is a 115-room Quality Inn located in Addison, Texas that was purchased and reflagged as a Red Roof Inn. The new Red Roof Inn is in the center of Addison’s busy commercial district on Belt Line Road, just 10 miles north of downtown Dallas. Addison has one of the region’s busiest community calendars with 27 annual events and festivals which help drive the hotel’s leisure and weekend-traveler demand. Svec secured a 5-year, fixed rate permanent first mortgage with 25-year amortization for the borrower including one-year of interest only.
Svec also refinanced a 91-room Hampton Inn located in Waterbury, Connecticut. The Hampton Inn is situated along Interstate 84 and benefits from Waterbury’s strong manufacturing base. Svec arranged a 20-year permanent first mortgage with 5-year fixed rate renewals and a 25-year amortization schedule.
The Largo Group of Companies is a commercial mortgage banking firm that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative commercial real estate financing structures for borrowers throughout the United States and Canada. We manage the loan process from loan application through closing and service the loan throughout its term.
Largo has 17 correspondent relationships and offers additional lending sources, providing property owners and developers long-term, non-recourse commercial real estate financing at a competitive fixed rate.