Largo Finances $11.4 Million for Two Office Properties in the Capital Region
Albany, NY – May 20, 2016 – Brian Sheldrick, Managing Director of the Largo Group of Companies, arranged $11.4 million in permanent financing for two prominent office buildings in Albany, NY, on behalf of The Rosenblum Companies, a developer and full service owner-operator of premier properties in Upstate New York.
The two properties, 187 Wolf Road and 3 Winners Circle, totaling approximately 160,000 square feet of office space, are strategically located in the busy Wolf Road corridor, one of the region’s largest mixed-use corridors. Winners Circle is anticipated to become part of a new connector from Albany Shaker Road to Sand Creek Road, parallel to Wolf Road.
187 Wolf Road and 3 Winners Circle were part of a larger portfolio of 25 buildings primarily located in the Town of Colonie, which The Rosenblum Companies purchased from the Beltrone Group for $57 million. This acquisition from The Beltrone Group increases The Rosenblum Companies’ commercial real estate holdings to more than one million square feet.
Brian secured a 12-year, non-recourse permanent first mortgage with 25-year amortization for the borrower through one of Largo’s correspondent life insurance companies.
“This was the largest single transaction our company has executed to date, and our second transaction with Largo,” said Seth Rosenblum, CEO of The Rosenblum Companies. “Once again we were very satisfied with the capability, diligence and responsiveness of Brian and his team.”
The Rosenblum Companies is currently pursuing several diversified development projects, one of which is a conversion of the historic former Troy Record Building in Troy, New York, into a high-amenity mixed-use loft apartment building. The Rosenblum Companies also provides comprehensive property management and related services to investors and end-users.
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 17 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.
For more information, please contact:
Brian Sheldrick, Managing Director
518-925-4829 | [email protected]