Largo Secures $19.7 Million in Financing for Seven Self-Storage Facilities throughout Utah and Colorado
BUFFALO, NY – November 18, 2020 – Ned Perlman, Vice President of Originations at the Largo Group of Companies, arranged $19.7 million in financing for a total of seven self-storage facilities located throughout Utah and Colorado.
The first was a 540-unit self-storage property located in suburban Denver, Colorado. The $7.1 million limited-recourse loan provided 75% loan-to-value financing with a low fixed rate, 10-year term and 30-year amortization.
Perlman secured permanent first mortgages to refinance the existing debt on a portfolio of five self-storage facilities for $8.4 million. Located in Salt Lake City, Utah and Denver, Colorado, the properties feature a total of 2,214 units. Perlman structured the non-recourse loans through one of Largo’s correspondent life insurance lenders with 10-year fixed rates and 30-year amortizations.
The final transaction was a non-recourse, $4.2 million permanent first mortgage for a 565-unit self-storage property in Henderson, Colorado. Perlman arranged a 15-year fixed rate with a 30-year amortization on behalf of the borrower through one of Largo’s correspondent life insurance lenders.
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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 through its term.
Largo has 25 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. Founded in 1989 by Gary Coscia, Largo has financed $31 Billion in commercial mortgages and has a servicing portfolio exceeding $2.5 Billion.