Largo Finances $21 Million for Four Multifamily Properties Across Upstate NY
BUFFALO, NY – September 21, 2016 – Jack Phillips, Managing Director of The Largo Group of Companies, secured $21 Million in financing for four multifamily properties located across Upstate NY.
Phillips secured a permanent first mortgage to refinance the existing debt on a 131-unit apartment complex located in Syracuse, NY. The complex is conveniently situated less than four miles south of the Syracuse CBD. Phillips arranged a 10-year, non-recourse, fixed rate loan through one of Largo’s correspondent banks.
In addition, Phillips arranged financing for a 105-unit garden style community for seniors located in Amherst, NY. Phillips secured a 5-year, non-recourse, fixed rate permanent first mortgage for the borrower through one of Largo’s correspondent banks.
Phillips also arranged a 5-year permanent first mortgage with 30-year amortization to refinance the existing debt on a 66-unit multifamily property located in a suburb of Syracuse, NY. The property features 22 one-bedroom and 44 two-bedroom units and is conveniently located approximately 19 miles south of Syracuse CBD. Phillips arranged financing for the borrower through one of Largo’s correspondent banks.
Lastly, Phillips secured a permanent first mortgage to refinance the existing mortgage on a 60-unit apartment complex located in Kenmore, NY; one of Buffalo’s major northern suburbs. The complex consists of six, two story buildings with 10-units each. Phillips arranged a 7-year, fixed rate loan for the borrower.
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 20 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.