Largo Finances $84 Million for Three Properties Across NYS
BUFFALO, NY – July 8, 2015 – Jack Phillips, Principal of the Largo Group of Companies, secured $84 million in financing for two retail power centers and a flight R&D facility.
The first property is a 300,000 square foot retail power center located in Fayetteville, New York. The subject is situated just east of I-481 in one of Syracuse’s primary retail corridors. The center is shadow anchored by Target and features a variety of national, regional and local retailers. Phillips arranged a 7-year, fixed rate permanent first mortgage with a 27-year amortization for the borrower through one of Largo’s correspondent banks.
The second property is a 225,000 square foot retail power center situated in Watertown, New York. The center is located in the primary retail district of Watertown, which includes the Salmon Run Mall just 0.5 miles from the subject property. Phillips secured a 7-year, fixed rate deal with a 27.5-year amortization for the borrower through one of Largo’s correspondent banks.
Phillips also refinanced an 82,500 square foot flight and research development center located within the Niagara Falls International Airport. The subject features office space and airplane hangars with direct access to the airport runway. Phillips secured a 5-year, floating rate loan for the borrower with a 25-year amortization.
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.