Largo Finances Hotel Properties in Nashville, TN and Kalamazoo, MI
Buffalo, NY & Toronto, ON – October 23, 2014 – Largo finances $8.15 million for two hotel properties located in Nashville, TN and Kalamazoo, MI.
Lori Tirado, Managing Director of the Largo Hospitality Finance Group, arranged $5.25 million in financing for a 65 room Comfort Suites in Nashville, Tennessee. The Comfort Suites is situated within a pocket of commercial development near the southwest corner of the Stewarts Ferry Pike and Interstate 40 interchange. Surrounding this hotel are several other limited service hotels, restaurants and a neighborhood shopping center anchored by Food Lion. The Comfort Suites benefits from its proximity to the Nashville International Airport and numerous local tourist attractions including the Country Music Hall of Fame and the Grand Ole Opry. Lori arranged a 10-year, non-recourse, fixed rate loan with 25-year amortization for the borrower.
Kevin Ross, Account Executive of the Largo Group of Companies, arranged a $2.9 million permanent first mortgage on a 64 room Best Western Plus located in Kalamazoo, Michigan. The hotel was built in 2000 and has performed well since then because of its prime location within close proximity to Western Michigan University. All 64 rooms at the property are fully-equipped suites with kitchenettes and living areas. Kevin arranged a 10-year fixed rate loan with 25-year amortization for the Canadian borrower through one of Largo’s correspondent life insurance companies.
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.