Brian arranged a 10 year sub 4% fixed rate loan and a 30 year amortization schedule.
FOR IMMEDIATE RELEASE
Albany, New York- July 13, 2013 – Brian Sheldrick, Managing Director for the Largo Group of Companies, has arranged $13,500,000 to refinance the current construction loan on an 88 unit townhouse development, known as Brookside Meadows, in Pleasant Valley, New York. This is the third and final phase of Brookside Meadows, which is part of a 250 unit complex that began development in 2005. THe entire project is currently 100% occupied. This phase includes 34 units that have attached garages and many units that have a second floor. The complex has extraordinary amenities such as a resort style pool and terrace; 24 hour fitness center, a movie theater, outdoor grills and secluded park areas. Brian arranged a 1 year term with a sub 4% fixed rate and a 30 year amortization schedule for the borrower. The loan in non-recourse and 75% loan-to-value.
Largo has relationships with 17 correspondent lenders and offers additional lending sources to the 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.
The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative 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.
For further information, please contact:
Brian Sheldrick, Managing Director
(518) 925-4829 – bsheldrick@largocapital.com
Lori Tirado, Director of Marketing
(716) 204-2223 – ltirado@largocapital.com
