The Largo Group of Companies arranges, closes and services commercial mortgages for developers throughout the United States and Canada. Largo is the largest privately owned commercial mortgage banking company in Upstate New York with offices in New York (Getzville, Rochester, Albany, New York City), Florida (Orlando, Sarasota) and Canada (Toronto, Montreal). Since its inception in 1989, Largo has financed $31 Billion in commercial mortgages and has a servicing portfolio exceeding $3 Billion.
LARGO'S HISTORY
1989
Gary Coscia founded Largo
1991
First correspondent relationship (since then Largo has gained 23 additional correspondents)
1994
Largo implemented loan servicing platform
1998
Largo closed the first conduit loan in Canada – portfolio loan including nine limited service hotels with locations in the Provinces of Quebec, Ontario, Nova Scotia and Saskatchewan
2001
Development and implementation of CREDIT or Commercial Real Estate Deal Information Tracker, a proprietary web-based loan package platform that organizes and simplifies the real estate finance process
2002
Expanded operations into Canada – opened Toronto office
2003
Opened office in SW Florida
2004
Expanded into Capital Region – opened Albany office
2006
Began The Largo Hospitality Finance Group
2007
$6.2 billion merger – Largo helped coordinate and close the largest retail REIT transaction closed to date
2008
Largo became a licensed mortgage administrator and began servicing loans in Canada
2010
Largo became affiliated with REFA or Real Estate Finance Associates, a national organization of the most prestigious mortgage banking firms in the U.S.
2013
Manhattan Office Opening
2013
Facilitated lending programs for several of the largest U.S. life insurance companies into Canada
2015
Began the Manufactured Housing Finance Group
2015
Began the Largo Self-Storage Finance Group
2016
Servicing portfolio reaches over $2 Billion
31
Billion Total Production
3
Billion Servicing Portfolio
24
Correspondent Lenders
250
Years Combined Experience
OUR ACHIEVEMENTS
Largo was selected in the first quarter 2007 by Developers Diversified Realty Corporation (DDR) to help facilitate a $6.2 billion transaction with Inland Retail Real Estate Trust and a joint venture with TIAA-CREF, a deal which is considered to be one of the largest Retail REIT transactions closed to date. The transaction consisted of over 275 properties located throughout the nation. Largo was able to streamline the entire transaction and help all parties involved track the flow of information with ease, leading to a successful and timely closing. This transaction alone provides another dimension to the value Largo adds for its clients.
In the fourth quarter 2015, Largo arranged financing for this full-service hotel featuring 644 guestrooms with luxury services and amenities, 40,000 SF of meeting space and three food and beverage outlets. The hotel is centrally located in downtown Vancouver amidst the fashion, entertainment and financial districts.
In the fourth quarter 2014, Largo arranged financing for the office complex commonly known as Michigan Plaza. The 44-story 205 North Michigan Avenue and the 25-story 225 North Michigan Avenue are the primary entrance to the five million SF Illinois Center office complex.
In the second quarter 2013, Largo closed on this portfolio that was structured as a three year deal with two extension options and an interest-only period. The properties were leased to strong anchors including Publix, Kroger, Winn Dixie, Wal-Mart, Cub Foods and Food Lion. The properties were located throughout the United States and were situated in primary and secondary markets including Minneapolis/St. Paul, Charlotte, Pensacola, Atlanta, Huntsville, AL and Washington, DC.
In the second quarter 2013, Largo refinanced the existing debt on a 1.7 million SF warehouse/distribution facility located in Rochester, New York. The subject property is located within the Kodak Park and was formerly Kodak’s distribution facility. At the time of the acquisition, the building was nearly vacant and over the past few years the borrower has leased over 1.54 million SF of space. Largo secured a 10-year fixed rate loan with a 30-year amortization schedule for the sponsor.
Largo has relationships with 24 correspondent lenders and offers additional lending sources to the NYC marketplace, which will benefit owners and developers of commercial properties providing alternative finance options. Largo offers long-term, non-recourse financing at a competitive fixed rate for its borrowers through its strong network of correspondent lenders.
In the fourth quarter 2012, Largo refinanced the existing debt on three multifamily properties consisting of 892 units within the Buffalo-Niagara MSA and Albany-Troy-Schenectady MSA. The subject portfolio is 96% leased and is made up of Country Club Manor, Menands Gardens and Woodlake Village.
In the third quarter 2011, Largo arranged financing for the Thompson Hotel located in the heart of downtown Toronto’s Fashion/Entertainment District. This 102-room, boutique hotel opened in June 2010, with the restaurant tenant, Scarpetta, fully operational by August 2010. This location serves as the Thompson brands’ first location outside the United States.
In the fourth quarter 2010, Largo arranged this $52.5 million transaction to refinance the existing debt on the Hudson Valley Mall. It is a 765,000 SF enclosed regional mall located in Kingston, New York. This property is the only primary shopping destination within a 30-mile radius.
In the first quarter 2008, Largo experienced the long-awaited groundbreaking ceremony of the $44.6 million Niagara Falls Municipal Complex. Largo, along with a local developer, structured the financing and development of the new courthouse and police station for the city of Niagara Falls.