Largo Arranges $43.7 Million in financing for Three Grocery Anchored Shopping Centers
TORONTO, CA – June 27, 2017 – Kevin Heiss, Managing Director of Largo’s Canadian operations, secured $43.7 million in financing for three grocery anchored shopping centers located in Ontario, Illinois, and Florida.
The first property, situated in Toronto, Ontario, is just over 128,000 square feet and is ideally located on Islington Avenue between Bloor Street and Queensway Boulevard. The subject property is anchored by a 25,000 square foot No-Frills and is home to several national tenants including Subway and Value Village. Heiss arranged a 10-year permanent first mortgage with three-years interest only and a 30-year amortization through one of Largo’s correspondent life insurance companies.
The second property, located in Miami, Florida, is nearly 77,000 square feet and sees an annual average daily traffic (AADT) count of 36,000 cars/day and a population base of 128,000 within a three-mile radius. The subject property is anchored by Aldi and PetSmart and is shadow anchored by BJs Wholesale Club. Heiss negotiated a three-year interest only loan with two one-year extension options.
The third property, based in Peoria, Illinois, is approximately 310,000 square feet and was substantially renovated in 2010 to accommodate a long term lease with Hy-Vee, a strong regional supermarket operator. Other significant tenants include Bergners, a regional department store, and Planet Fitness, operated by one of the chain’s largest franchisees. Heiss arranged a three-year interest-only loan on behalf of the borrower.
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.