BUFFALO, NY – March 3, 2020 – Jack Phillips, Principal of the Largo Group of Companies, secured a $49.5 million permanent first mortgage to refinance the existing debt on a 478,000 square-foot Class A office facility in Buffalo, NY.
The office building is currently over 90% occupied by a variety of tenants and is anchored by Calspan, an industry leader in aerospace and transportation research and technology. The property is situated with frontage along Genesee Street, a major commercial thoroughfare in the area, directly across from the Buffalo-Niagara International Airport with easy highway access to downtown Buffalo and the surrounding Buffalo-Niagara Falls region.
Phillips arranged a non-recourse loan on behalf of the borrower at a competitive interest rate.
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 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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