Kevin Heiss, Managing Director of the Largo Group of Companies, has arranged $39,100,000 for the financing of three properties in Edmonton, Alberta and Toronto, Ontario. The collateral consists of a hotel, a multifamily development and ground floor retail in a condominium building.
The first transaction involved a $17,250,000 mortgage secured by a 177 room Courtyard by Marriott in downtown Edmonton. The mortgage was structured with a five year term, a sub 4% interest rate and non-recourse covenants. The borrower purchased the property in 2011 and completed a significant PIP to bring the property up to brand standards.
The second and third transactions were both located along King Street West in Toronto, Ontario. The second transaction included a $20,000,000 mortgage (within a larger lending syndicate) to aid in the development of the Thompson Residences, located adjacent to the Thompson Hotel in the King West community of downtown Toronto. The property will feature 334 units that are slated for completion in early 2014. The third transaction included a $1,850,000 mortgage collateralized by two ground floor retail spaces at the base of a condo development at 650 King Street West. This property is at the corner of Bathurst and King West, in the heart of the King West community.
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 Canada and the United States. We manage the loan process from loan application through closing and service the loan throughout its term.
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 though its strong network of correspondent lenders.
