Largo Finances $46.3 Million for Three Medical Office Properties
BUFFALO, NY – March 16, 2016 – The Largo Group of Companies, Buffalo’s largest privately owned commercial mortgage banking firm, secured $46.3 million in financing for three medical office properties located throughout Western New York. The transaction was negotiated by Jack Phillips, Principal of Largo.
Phillips secured a permanent first mortgage to refinance the existing construction debt on a 115,000 square foot class A medical building located in Orchard Park, New York. The building is situated on 17 acres of land with visibility from Route 219, a major thoroughfare that services the southern suburbs of Erie County. Phillips arranged a 10-year, non-recourse, fixed rate loan through one of Largo’s correspondent lenders.
In addition, Phillips arranged a construction to permanent loan to construct a 27,175 square foot surgical center along Sheridan Drive in Amherst, New York. The subject will be a part of an approximately 82,000 square foot medical office campus. Phillips secured a 10-year loan for the borrower.
Lastly, Phillips arranged financing for a 26,026 square foot, multi-tenant, Class A medical office building located in Amherst, New York. The property is ideally situated along Sheridan Drive, the areas major east/west commercial thoroughfare. Phillips secured a 7-year, non-recourse, fixed rate permanent first mortgage for the borrower.
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.
For more information, please contact:
JACK PHILLIPS, Principal | 716.204.2212 | [email protected]