Largo Announces $59MM Refinancing for Industrial Complex in Rochester, NY
ROCHESTER, NY – AUGUST 14, 2018 – Jack Phillips, Principal and Kevin Heiss, Managing Director of the Largo Group of Companies, secured a $59 million permanent first mortgage to refinance the existing debt on a 1.7 million square foot distribution/warehouse complex in Rochester, N.Y. The improvements feature 50’ x 50’ column spacing, 25′-9″ clear heights, and 152 large interior loading docks with full, 360 turnaround for tractor trailers. The subject property conforms well to the surrounding neighborhood given its industrial nature. Phillips and Heiss arranged a 10-year, non-recourse loan on behalf of the borrower through one of Largo’s correspondent life insurance lenders.
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 throughout its term.
Largo has 21 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.
Getzville, New York