NEW YORK, NY – January 13, 2020 – David Carswell and Jack Phillips of Largo Capital arranged $9.5 million in credit-tenant financing for a 76,000 square foot FedEx distribution center on a ground lease located in Buffalo, New York.
The property is conveniently located adjacent to the Buffalo-Niagara International Airport as well as some of the area’s most popular thoroughfares, Rt. 33 and NYS Thruway (I-90).
Carswell and Phillips secured a 10-year, self-amortizing loan from a CTL lender on behalf of the borrower at a competitive fixed rate. The ground lease had less than 12 year remaining in its term, and the lender provided funding for 100% of the appraised value which included a significant cash-out to the borrower
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.
For more information, please contact:
C: (212) 439-4711