Largo Secures $5.2MM to Refinance Existing Debt on Two Multifamily Properties in New York
BUFFALO, NY – September 11, 2019 – Aaron Davis, Account Executive of the Largo Group of Companies, arranged $5.2 million to refinance the existing debt on two multifamily properties owned by separate clients in Johnson City, New York.
The first transaction was a $4.3 million loan for an 88-unit apartment complex featuring one and two-bedroom units. The complex has been significantly renovated in recent years and benefits from its location across from the Oakdale mall, numerous restaurants and Wegman’s grocery. Davis negotiated a 10-year fixed rate loan with a competitive interest rate on behalf of the borrower through one of Largo’s correspondent lenders.
The second transaction was a $1 million loan for a 33-unit apartment complex featuring one and two-bedroom units. The property has experienced a strong and consistent operating history with high occupancy. Davis arranges a 20-year, fixed rate loan with a competitive interest rate on behalf of the borrower 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 Unites States and Canada. We manage the loan process from loan application through closing and service the loan through it’s 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.
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