Largo Secures $13MM for Multifamily Asset in Newark, DE
PHILADELPHIA, PA – FEBRUARY 22, 2020 – Neal Colligan, Principal at Largo Capital’s Philadelphia office, arranged a $13 million loan for a multifamily asset in Newark, Delaware. Using one of Largo’s correspondent life company lenders, Colligan was able to negotiate a 15-year fixed rate with a 30-year amortization. The loan allowed the owners to refinance their existing debt at a competitive rate without recourse.
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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 through its term.
Largo has 25 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. Founded in 1989 by Gary Coscia, Largo has financed $31 Billion in commercial mortgages and has a servicing portfolio exceeding $2.5 Billion.