Jack Phillips, Principal of The Largo Group of Companies, secured $27.5 million in financing for two separate apartment portfolios totaling 527 units in Buffalo, New York.
Phillips arranged two limited recourse loans at 80% leverage with two years interest only and a 30-year amortization thereafter. The loans were funded simultaneously through two of Largo’s banking relationships. The portfolio consists of 20 properties located throughout Buffalo, Lockport, North Tonawanda and Tonawanda, New York; 18 of which were purchased within the past 12 months. The remaining two properties were acquired as part of the loan closing.
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.