October 25, 2023 – Ned Perlman, Vice President of Originations at Largo Capital, Inc. secures a permanent first mortgage to acquire and rebrand an existing self-storage facility in Huntsville, Alabama. The property was developed in 2018 and features 507 storage units with RV parking for 18 vehicles. Over 90% of the units have interior access and are climate controlled. The facility is strategically located in a heavily trafficked commercial corridor with good accessibility via the regional Interstate network and area roadways.
Perlman was able to arrange a competitive 5-year fixed rate loan through one of Largo’s correspondent Life Insurance Company lending relationships. The sub-7% interest rate was locked at loan application for the term of the loan. Largo will service this loan in-house, adding to its $4B loan portfolio.