Largo Finances $4 Million for Double Tree located within the Buffalo Niagara Medical Campus
BUFFALO, NY – November 2, 2016– Lori Tirado, Managing Director of the Largo Hospitality Finance Group, secured $4 million in financing for a Double Tree Club by Hilton hotel located in Buffalo, New York. Tirado arranged a non-recourse loan with a 10-year fixed rate term and a 25 year amortization schedule, with an interest rate in the low 4%’s. The loan was financed through one of Largo’s correspondent life insurance companies. A portion of the loan proceeds will be used to improve the hotel with a $1.2 million renovation.
The 100-room hotel was developed in 1998, and is strategically positioned within the Buffalo Niagara Medical Campus (BNMC), the fastest growing area of the City of Buffalo. The hotel offers its guests a direct connection to both Roswell Park Cancer Institute (RPCI) and Buffalo General Hospital via an enclosed walk-way. To date, the campus has seen an investment of $1 Billion and new development is ongoing. Some of the key developments within the BNMC include RPCI’s $50 million clinical sciences center that opened earlier this year; also, Kaleida Health’s consolidation of its health systems on the campus, which includes the John R. Oshei Children’s hospital that is slated to open in late 2017; and University at Buffalo’s consolidation of its medical education programs with their new $375 million medical school which is expected to open in 2017. With this development, the demand for the hotel continues to grow and will only get stronger as the city continues to feel the positive impact of urban revitalization within the medical campus.
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.