Largo Finances $27.7 Million for Multifamily Townhouse Community in Upstate NY
TORONTO, ON – October 18, 2016 – Kevin Heiss, Managing Director of The Largo Group of Companies, secured $27.7 million in financing for a multifamily townhouse community located in the Finger Lakes Region of Upstate New York.
The first two phases of the property include a total of 156 units. The 19 acres of land feature 29 two-bedroom and 17 one-bedroom townhouses. Heiss arranged a 7-year, fixed rate permanent first mortgage with 30-year amortization.
For the third phase of the property, Heiss secured $11 million in financing for the construction and development of 92 rental townhouse units on a 24.5 acre parcel. Heiss arranged an interest only construction loan for the first 18 months of the 7-year term, converting to a fixed rate permanent first mortgage with 30-year amortization. Both loans were sourced for the borrower through one of Largo’s correspondent banks.
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.