Largo Finances $33 Million for Six Manufactured Housing Communities
Buffalo, NY – March 16, 2015 – Jack Phillips, Principal and Brett Wymer, Account Executive of the Largo Group of Companies secured a total of $33 million in financing for six manufactured housing communities situated throughout the northeast.
Phillips arranged $16.65 million in financing for four manufactured housing communities totaling 565 pads.
The first property is a 260 pad, four star park located in Raleigh, NC. The project is situated two miles outside of the Interstate 440 loop with immediate access to numerous area amenities. The 80-acre development includes playgrounds and walking paths, as well as lakes and ponds. Phillips secured a 5-year, fixed rate permanent first mortgage with 30-year amortization.
The second property is a 103 pad manufactured housing community located just outside of Ithaca, NY, not far from Ithaca College and Cornell University. Phillips arranged a 10-year, fixed rate, permanent first mortgage with 30-year amortization for this property.
Additionally, Phillips secured a 10-year, fixed rate permanent first mortgage with 30-year amortization for two manufactured housing communities totaling 202 pads. The two properties are located in Delaware (Chesapeake Bay area) and Upstate NY (Rochester).
Wymer secured $16.5 million in financing for two manufactured housing communities totaling 827 pads.
The first property is a 599 pad, age-restricted, gated mobile home park located in Avon Park, FL. The subject features numerous amenities including a full service 18-hole private golf course and access to Lake Denton. The second property is a 225 pad community located in Manchester (Rochester), NY. Wymer arranged a fixed rate, non-recourse, 10-year deal with 25-year amortization for the borrower.
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 17 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.