Largo Finances $55,000,000 for Retail and Office Portfolio
Toronto, ON – July 23, 2014 – Kevin Ross, Account Executive for The Largo Group of Companies, in collaboration with SW Consulting, arranged a $55 million permanent first mortgage to refinance the existing debt on a 19 property retail and office portfolio totaling over 740,000 square feet. The loan was structured as a 10-year fixed rate permanent first mortgage with 25-year amortization. The properties are primarily located in Western Michigan with retail plazas in Illinois and Florida. The retail properties range from single tenant, strip plazas and restaurants and include national tenants such as Best Buy, Dunkin’ Donuts, Michael’s, Office Max and Stein Mart. The office properties include national, regional, and local tenants.
Largo has relationships with 17 correspondent lenders and offers additional lending sources to the marketplace, which will benefit owners and developers of commercial properties providing alternative finance options. Largo offers long-term, non-recourse financing at a competitive fixed rate for its borrowers through its strong network of correspondent lenders.
The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative 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.