Largo Finances $12 Million for Three Retail Properties
ALBANY, NY – July 30, 2015 – Brian Sheldrick, Managing Director of the Largo Group of Companies, secured $12 million in financing for three retail properties located in Upstate New York.
The first property is a 49,000 square foot retail plaza located in Albany, New York. The property is situated with frontage along Delaware Avenue, a heavily concentrated residential and commercial corridor. The plaza is conveniently located less than a mile from the entrance/exit ramps to the I-787, providing access to the NYS Thruway. The subject is comprised of a mix of local and national tenants including Advance Auto Parts, Family Dollar and Pizza Hut. Sheldrick secured a 10-year, fixed rate permanent first mortgage with-25 year amortization for the borrower.
The second property is a 16,000 square foot freestanding Rite Aid located in Hudson Valley, New York. The property is situated at the corner of Macks Lane and North Route 9W in the center of the Highland shopping district. Sheldrick arranged a 10-year, fixed rate loan with 30-year amortization for the borrower.
The third property is a 14,000 square foot retail plaza located in Clifton Park, New York. The subject is situated with frontage along Route 9, a highly concentrated residential and commercial corridor. Tenants include Glennpeter Jewelers Diamond Centre, Green Grocer, Subway and Performance Piano. Sheldrick arranged a 20-year self-amortizing loan with a 10-year rate reset through one of Largo’s correspondent life insurance companies.
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]