Largo Secures $6.2 Million for Buffalo Multifamily Development
BUFFALO, NY – November 20, 2020 – Ned Perlman of Largo Capital’s Buffalo office arranged construction to permanent financing for a multifamily development located in a prime Buffalo neighborhood. The $6.2 million transaction consisted of a $5 million first mortgage and a $1.2 million line of credit to bridge tax credits for the project. To meet the borrower’s request, Perlman structured one year of interest-only payments followed by a ten-year term with a 25-year amortization.
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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.