Largo Finances Two Ohio Office Portfolios Totaling $18.5MM
TORONTO, ON – March 7, 2018 – Kevin Ross, Vice President of Originations at Largo Capital, secured $18.5 million in financing for two office portfolios in Columbus and Cincinnati, Ohio.
In the first transaction, Ross secured a $12,350,000 fixed-rate loan to refinance the existing debt and return some equity to the borrower on four office buildings in and around Columbus, Ohio. The portfolio totals just over 375,000 square feet of net rentable area and was built between 1983 and 1997. Each building benefits from immediate access to the interstate highway system and local area amenities. Ross arranged a 3-year, non-recourse loan through one of Largo’s correspondent life insurance companies.
The second transaction was a $6,125,000 mortgage to acquire three office properties in Cincinnati, Ohio. The portfolio totals just under 250,000 square feet and is located in one of Cincinnati’s most central and well-established office markets. The combination of the in-place cash flow and upside potential of the properties made the portfolio an attractive opportunity for the borrower. Ross arranged a 3-year floating rate loan through one of Largo’s correspondent relationships.
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 21 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.