Jack Phillips arranged $40.2M for 1600 Lexington in Rochester, New York.
Jack arranged a 10 yr fixed rate loan with a 30 yr amortization schedule for the sponsor.
FOR IMMEDIATE RELEASE
Rochester, New York- August 9, 2013 – Jack Phillips, Principal for the Largo Group of Companies, arranged a $40.2 million permanent first mortgage to refinance the existing debt on a 1.755 million square foot distribution/warehouse facility located in Rochester, New York. The subject property is located within 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 square feet of space. Jack secured a 10 year fixed rate loan with a 30 year amortization schedule for the sponsor.
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:
Jack Phillips, Principal
(716) 204-2212 – [email protected]
Lori Tirado, Director of Marketing
(716) 204-2223 – [email protected]