Largo Arranges $14MM in Acquisition Financing for 11-Branch Bank Portfolio
BUFFALO, NY – April 19, 2018 – John Svec, Managing Director of the Largo Group of Companies, arranged a $14MM permanent first mortgage to acquire a portfolio of Midwestern bank branches. The 11 Wisconsin banks are secured by 10 and 15-year leaseback terms to BMO Harris Bank, a multinational credit tenant (A+/Aa3). Svec negotiated attractive leverage, a 5-year term, and a low fixed rate. To further compliment his client’s ‘Renovate & Resell’ strategy, Svec arranged an interest-only period during renovation and 0% prepayment penalty upon sale.
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.