Largo Arranges $15MM in Financing for Properties in California and Ontario, Canada
TORONTO, ON – May 16, 2018 – Kevin Ross, Vice President of Originations at Largo Capital, secured $15 million in financing for properties in California and Ontario, Canada.
The first transaction was an $8 million loan to return equity to the owner of a 50,000 SF office building in Hollywood, California. The Class A property has recently been renovated with upgrades made to the lobby and common areas of the building. The property sits on a prominent corner in North Hollywood and benefits from its high-profile visibility to attract tenants. Ross negotiated a non-recourse, 15-year fixed rate term with one of Largo’s correspondent life insurance companies.
The second transaction was a $7 million loan to refinance the existing debt on a freestanding supermarket in Mississauga, Ontario. The subject is 100% occupied by Yuan Ming Supermarket, an Asian-themed grocer providing international cuisine. The property is located in the heart of Mississauga and is easily accessible from Highways 401, 403 and the QEW. Ross secured a three year loan through a Schedule I Canadian Bank.
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.
Kevin Ross, MBA
Vice President, Originations