Largo Arranges $29 Million in Financing for Three Hotels
BUFFALO, NY – May 16, 2017 – The Largo Group of Companies, Upstate New York’s largest privately owned commercial mortgage banking firm, arranged $29 million to refinance the existing debt on a portfolio of three hotels in West Seneca, New York. Jack Phillips, Principal, and Lori Tirado, Managing Director, were instrumental in securing the financing for the portfolio, which included 318 rooms across three different brands (Hilton, IHG, and Carlson-Rezidor). The hotels include a 105-room Hampton Inn & Suites, a 105-room Staybridge Suites, and a 108-room Country Inn & Suites. All three hotels are meticulously maintained and are strong performers within their respective brand.
The three hotels are all located within immediate proximity of each other off of Interstate 90 in West Seneca. The properties are conveniently located seven miles southeast of Downtown Buffalo, within close proximity to the Buffalo Niagara International Airport, Key Bank Center (NHL’s Buffalo Sabres), New Era Stadium (NFL’s Buffalo Bills), and the Walden Galleria Mall. Phillips and Tirado arranged a 7-year, fixed rate permanent first mortgage with a 25-year amortization on behalf of the borrower through one of Largo’s correspondent 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.