Largo Finances $18.6 Million for Three Multifamily Properties in NY & FL
BUFFALO, NY – November 9, 2016– Perry Miceli, Principal of the Largo Group of Companies, secured $18.6 million in financing for three multifamily properties located in Upstate New York and Florida.
Miceli arranged $2 million in permanent financing to refinance the existing debt on a multifamily complex located in Fairport, New York, a suburb of Rochester. The complex consists of 15 buildings with 30, two-story townhome units. In addition, Miceli secured $9 million in permanent financing for a multifamily complex in Spencerport, New York. The complex features 13 apartment buildings consisting of 105 units and is in close proximity to the Interstate-490, which has direct access to Rochester’s CBD. Miceli secured two separate 10-year permanent first mortgages through Largo’s correspondent lenders.
Miceli also arranged $7.6 million in financing for a multifamily property in Florida located approximately 10 miles north of Orlando. The subject property is a 144-unit multifamily complex with a wide range of amenities. The property is located in a heavily developed area anchored by the Altamonte Mall. Miceli secured a 12-year term with a 30-year amortization schedule, including four years of interest-only payments, 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 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.