Largo finances $10.5 million for a multifamily property in downtown Buffalo, New York and a mixed-use property in Ithaca, New York.
Buffalo, NY – August 16, 2014 – Zach Casale, Account Executive of The Largo Group of Companies, arranged $10.5 million in non-recourse financing for a multifamily property in downtown Buffalo, New York and a mixed-use property in Ithaca, New York.
The first property, Graystone Apartments, is a 42-unit apartment building in downtown Buffalo featuring one and two-bedroom units with updated, high-end amenities. The six-story Italian Renaissance building was listed on the National Register of Historic Places, as it architecturally serves as one of the earliest examples of reinforced concrete technology in the construction of large-scale multi-story buildings in the United States. Zach secured a 5-year fixed rate loan with 25-year amortization for the borrower through one of Largo’s correspondent lenders.
The second property, Gateway Commons, comprises of both residential units and commercial space in Ithaca, New York. The 25 residential units feature one, two and three-bedroom configurations. The subject is conveniently situated less than one mile from Cornell University and two miles from Ithaca College, and is within walking distance of Ithaca Commons, a two-block pedestrian mall in downtown Ithaca. Zach arranged a 10-year fixed rate loan with a two-year interest only period and 30-year amortization for the borrower.
Largo has relationships with 17 correspondent lenders and offers additional lending sources to the marketplace, which will benefit owners and developers of commercial properties providing alternative finance options. Largo offers long-term, non-recourse financing at a competitive fixed rate for its borrowers through its strong network of correspondent lenders.
The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative 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.