Largo Secures $12.5 Million in Financing for Three Properties Across WNY
WESTERN NEW YORK – May 9, 2017 – Shane Absalom, Account Executive of The Largo Group of Companies, secured $12.5 million in both construction and permanent financing for three properties located across Western New York.
The first property is a to be constructed 76-bed student housing complex in Ithaca, New York. The subject is less than a quarter of a mile from Cornell University and 2.5 miles from Ithaca College. Absalom arranged a 12-month construction loan with a 3-year mini-perm option.
The second property is an 18,000 square foot building situated in the Historic Cobblestone District in downtown Buffalo. Absalom secured a 10-year, fixed rate permanent first mortgage with a 25-year amortization.
The third property is a 35,000 square foot plaza located in Clarence, New York. The subject benefits from its close proximity to Transit Road, one of the region’s primary retail corridors. Absalom arranged construction to permanent financing to expand the center to accommodate a new tenant. The construction loan will convert to a 10-year permanent first mortgage 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 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.