Largo Capital Secures $20.85 Million in Financing for Three Industrial Assets
MANHATTAN, NY – September 13, 2021 – Dave Carswell, Managing Director of Largo Capital’s Manhattan office, secured $20.85 million in financing for three industrial properties. The first two transactions were bridge loans in Northern NJ, and the third transaction was a refinance in South Windsor, CT.
The first property is a 240,000 SF logistics facility located on a 6-acre site in Elizabeth, NJ. Carswell arranged a $13.5 million (85% LTPP) bridge loan through one of Largo’s correspondent lenders, allowing the existing tenant to trigger a ROFR and opportunistically take control of its property. The loan offers a competitive, interest-only fixed rate and a 5-year term.
The second property is located in Garfield, NJ and features a total of 75,657 SF on a 2.95-acre site. Prior to closing, the value-add acquisition required significant negotiations including the navigation of unknown, pre-existing environmental conditions. Carswell arranged an aggressively priced interest-only bridge loan of $5 million on behalf of the borrower.
The third property is a 97,000 SF owner occupied manufacturing and packaging facility in South Windsor, CT. Carswell secured $2.35 million to refinance the existing first mortgage and part of the second mortgage while also providing additional liquidity for the operating business. Carswell negotiated the 25-year self-amortizing loan through one of Largo’s correspondent life insurance lenders with a fixed interest rate at just 3.0% for the first 5 years.
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 Capital 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 through its term.
Largo Capital has 25 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. Founded in 1989 by Gary Coscia, Largo Capital has financed $31 Billion in commercial mortgages and has a servicing portfolio exceeding $2.5 Billion.