Largo Secures $10.5M Bridge Debt for Michigan Shopping Center
Shelby Township, MI – July 9, 2019 – David Carswell, Managing Director of Largo’s Manhattan Office, arranged $10.5 million in financing for a 160,000 SF shopping center in Shelby Township, MI. The shopping center is ideally located in the heart of one of Michigan’s premier retail markets directly across from the 1.5 million SF Lakeside Mall.
Carswell was able to secure a short-term bridge option at a very competitive rate on behalf of the borrower through one of Largo’s correspondent life insurance lenders. The transaction was creatively structured while still maintaining non-recourse, fixed rate, interest only bridge debt to facilitate the landlord’s efforts in lease up and seasoning after the loss of a long term, big box retail anchor tenant.
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.
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