Largo Finances $22.8 Million for Four Multifamily Properties in NY
BUFFALO, NEW YORK – June 29, 2017 – Jack Phillips, Principal of the Largo Group of Companies, arranged $22.8 million in financing for four multifamily properties situated in the Syracuse MSA (NY).
The first project financed through Largo is a completely remodeled 63-unit garden style apartment complex located in Honeoye, New York. All units feature newly remodeled kitchens and bathrooms. Phillips negotiated a seven-year, fixed rate mortgage with one-year interest only, followed by monthly principal and interest payments based on a 30-year amortization.
The second loan originated by Phillips is located in the heart of the Syracuse MSA and secured by a 121-unit multifamily garden style complex. For this transaction, Phillips arranged a seven-year, fixed rate, permanent first mortgage with two-years interest only and 28-year amortization, thereafter. This loan was funded through one of Largo’s correspondent lenders.
In addition, Phillips arranged separate five and seven-year debt financing with interest only provisions for two multifamily properties situated in Lafayette, New York. The first apartment complex features 56 one, two, and three-bedroom units with updated kitchens. The second complex located in close proximity to Interstate 81 consists of 80 garden style units. The seven-year loan was also funded through one of Largo’s correspondent lenders.
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.