Largo Finances $15.6 Million for Two Medical Office Properties in NY
BUFFALO, NY – May 18, 2017 – The Largo Group of Companies, WNY’s largest privately owned commercial mortgage banking firm, secured $15.6 million in financing for two medical office properties located in Jamestown and Horseheads, NY. The transaction was negotiated by Jack Phillips, Principal of Largo.
Phillips secured a permanent first mortgage to finance a 79,000 square foot medical office building in Jamestown, NY. The primary tenant, UPMC Hamot, is a subsidiary of the University of Pittsburgh’s Medical Center and offers a full complement of inpatient and outpatient services. Phillips arranged a 3-year permanent first mortgage with a 25-year amortization.
In addition, Phillips arranged a 13-year self-amortizing loan on behalf of the borrower in Horseheads, NY. The subject is 100% occupied by Gutherie Medical and consists of approximately 35,000 square feet of medical office space. Gutherie Medical is a non-profit health care organization focused on improving the health and well-being of the communities it serves.
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.