Largo Finances $16 Million for Multifamily Properties
BUFFALO, NY – May 3, 2015 – Zach Casale, Account Executive of the Largo Group of Companies, secured $16 million in bridge and permanent financing for multifamily properties located in San Diego, California and Rochester, New York.
Casale arranged a portfolio bridge loan to finance the acquisition of a multifamily property located in San Diego, California. He was able to successfully close the loan in less than 30 days through one of Largo’s correspondent FNMA lenders.
The transactions in Rochester, New York consisted of a portfolio of three multifamily properties totaling 163 units and two multifamily properties totaling 52 units. Casale secured a non-recourse, 20 year self-amortizing loan at a sub-4% interest rate on the 163 unit portfolio, which was financed through one of Largo’s correspondent life insurance companies. The second transaction, consisting of two multifamily properties, provided substantial return of equity to the sponsor through one of Largo’s correspondent FNMA lenders. This loan is fixed for 10 years with a 30 year amortization schedule.
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.