Largo Finances $44.85 Million for Four Multifamily Properties Across WNY
Buffalo, NY – November 18, 2014 – Largo finances $44.85 million for four multifamily properties located across Western New York.
Jack Phillips, Principal and Kevin Heiss, Managing Director of the Largo Group of Companies, arranged $12,800,000 in financing for a 184 unit townhouse/apartment complex located in Williamsville, NY. The subject is conveniently situated just 15 minutes west of downtown Buffalo with close proximity to I-290 and the NYS 90. The subject consists of 24 two-story buildings comprising of 76 townhomes and 108 apartment units. Jack and Kevin arranged a 7-year fixed rate permanent first mortgage with 30-year amortization for the borrower.
Jack also arranged $18,500,000 for the construction of a senior living facility located in Clarence, NY. The property is situated in the Town of Clarence, a desired residential area for the Buffalo region and will consist of a three-story building comprising of 111 units. Jack secured the construction loan with a 5-year permanent term and 25-year amortization for the borrower.
John Fletcher, Account Executive of the Largo Group of Companies, arranged $13,550,000 in financing for two senior housing communities located in Hamburg and Cheektowaga, NY. The first property, a 112-unit senior housing complex located in Hamburg, NY, consists of 14 buildings with two-bedroom/one-bathroom units constructed throughout.
The second property, a 104-unit senior housing apartment complex located in Cheektowaga, NY, comprises of 13 buildings with 8 units each and a 5,000 square foot Community Building. Each unit is 837 square feet and consists of 2 bedrooms and 1 bathroom. John secured a 10-year fixed rate loan with 30-year amortization for both properties.
Largo has 17 correspondent relationships and offers additional lending sources, providing owners and developers of commercial properties long-term, non-recourse financing at a competitive fixed rate.
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.