Largo Arranges $12.3 Million to Refinance Distribution Center in Georgia

TORONTO, ON – May 12, 2017 – Kevin Heiss, Managing Director of Largo’s Canadian operations, secured $12.3 million to refinance the existing debt on a 676,000 square foot distribution center in Tifton, Georgia.

The property is located on a 50-acre site and is in close proximity to Interstate 75 and a Target distribution center.  The sole occupant of the subject property is Orgill Inc., the world’s largest independently owned hardlines distributor providing over 75,000 products to more than 60 countries.  Heiss arranged a three-year, interest only loan on behalf of 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 throughout 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.

Largo Finances $4.5 Million Grocery Anchored Retail Plaza in Watertown, NY

BUFFALO, NY – January 26, 2017 – The Largo Group of Companies, Upstate New York’s largest privately owned commercial mortgage banking firm, secured a $4.5 million permanent first mortgage to finance a 135,000 square foot grocery anchored retail plaza located in Watertown, New York. The transaction was negotiated by Anthony Carroll, Senior VP of Largo. Carroll focuses on providing permanent financing for commercial real estate properties throughout the Syracuse and Upstate New York Area.

The plaza is 93% occupied and anchored by Tops Markets. In addition, other national tenants include Family Dollar, Rent-A-Center and Domino’s.  Carroll arranged a 15-year, permanent first mortgage with a 25-year amortization and no prepayment penalty. The flexible structure allows the borrower to perform future property enhancements.

commercial real estate deal
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 throughout 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.

Largo Finances $5.75 Million for Class A Office Building in Saratoga, NY

Brian Sheldrick, Managing Director of The Largo Group of Companies, secured $5.75 million in financing for the Wise Building located in Saratoga, NY.

 

The Wise building consists of over 45,500 square feet of class A office space leased to both national and local tenants. Located in the center of the Franklin Square sector of Saratoga’s downtown business district, the Wise building is approximately one block west of Broadway or Route 9, the city’s main commuter corridor. Sheldrick arranged a 10-year, fixed rate permanent first mortgage with 25-year amortization.
Office Building Financing

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 throughout 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.

Largo Finances $13 Million for Two Office Buildings

Albany, NY – April 19, 2016 – Brian Sheldrick, Managing Director of the Largo Group of Companies, arranged $13 million in permanent financing for two first-class office buildings in Albany, NY.

The two ENERGY STAR certified office buildings are within an established office park that is strategically located at the center of New York State’s booming Tech Valley corridor. Situated just off Route 20, in close proximity to Interstates 90 and 87, the park is easily accessible from all areas of the Capital Region. Each building is well occupied and features a diversified tenant mix with staggered lease terms. Proximity to nearby shopping centers and various service and retail establishments further enhance the appeal of the buildings. Sheldrick arranged a 15-year, fixed rate, non-recourse mortgage for the borrower through one of Largo’s correspondent lenders.

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 throughout its term.

Largo has 17 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:

Brian Sheldrick, Managing Director
518-925-4829 | [email protected]

Largo Finances $5.7 Million for Two Hotel Properties

BUFFALO, NY – NOVEMBER 12, 2015 – Lori Tirado, Managing Director of the Largo Hospitality Finance Group, secured $5.7 million in financing for a Country Inn & Suites located in Hebron, Kentucky and a Days Inn located in Forsyth, Georgia.

Tirado arranged a permanent first mortgage to refinance the existing debt on the 86-room Country Inn & Suites. The property is conveniently located within walking distance to the Cincinnati-Northern Kentucky Airport and is 12 miles southwest of the Cincinnati, Ohio Central Business District. Tirado secured a 15-year self-amortizing loan for the borrower with a fixed interest rate in the low 4% range.

Tirado also refinanced the existing debt on the 114-room Days Inn located in Forsyth, Georgia. The property is located directly off of the exit for Forsyth on Interstate 75, providing ideal visibility and accessibility for transient travelers. Tirado arranged a 20-year self amortizing permanent first mortgage for the hotel owner with a fixed interest rate in the low 4% range.

Both properties were financed through one of Largo’s correspondent life insurance companies.

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imageThe 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 throughout its term.

Largo has 17 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:

LORI TIRADO, MANAGING DIRECTOR
Largo Hospitality Finance Group
716.204.2223 | [email protected]

Largo Finances $12 Million for Three Retail Properties

ALBANY, NY – July 30, 2015 – Brian Sheldrick, Managing Director of the Largo Group of Companies, secured $12 million in financing for three retail properties located in Upstate New York.

The first property is a 49,000 square foot retail plaza located in Albany, New York. The property is situated with frontage along Delaware Avenue, a heavily concentrated residential and commercial corridor. The plaza is conveniently located less than a mile from the entrance/exit ramps to the I-787, providing access to the NYS Thruway. The subject is comprised of a mix of local and national tenants including Advance Auto Parts, Family Dollar and Pizza Hut. Sheldrick secured a 10-year, fixed rate permanent first mortgage with-25 year amortization for the borrower.

The second property is a 16,000 square foot freestanding Rite Aid located in Hudson Valley, New York. The property is situated at the corner of Macks Lane and North Route 9W in the center of the Highland shopping district. Sheldrick arranged a 10-year, fixed rate loan with 30-year amortization for the borrower.

The third property is a 14,000 square foot retail plaza located in Clifton Park, New York. The subject is situated with frontage along Route 9, a highly concentrated residential and commercial corridor. Tenants include Glennpeter Jewelers Diamond Centre, Green Grocer, Subway and Performance Piano. Sheldrick arranged a 20-year self-amortizing loan with a 10-year rate reset through one of Largo’s correspondent life insurance companies.

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 throughout its term.

Largo has 17 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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For more information, please contact:
Brian Sheldrick, Managing Director | 518.925.4829 | [email protected]

Largo Finances $20 Million for Five Hotel Properties

BUFFALO, NY – July 21, 2015 – Lori Tirado, Managing Director of the Largo Hospitality Finance Group, secured $20 million in financing for five hotel properties located across the U.S. The properties consisted of two Holiday Inn Express’, one located in White House, Tennessee and the other in Palatka, Florida; a Comfort Suites in Salem, Virginia; a Motel 6 located in Columbus, Ohio and a Fairfield Inn & Suites in Marianna, Florida.

The 70-room Holiday Inn Express located in White House, TN is situated in an excellent location adjacent to I-65, and benefits from its proximity to Nashville, which is 20 miles south of the hotel. The hotel was built in 2008 and acquired by the current owners in 2013. The hotel recently underwent a $1M renovation required by the brand (IHG). The Holiday Inn Express in Palatka, Florida was built in 2009 by the current owner. The hotel consistently receives a five star rating from Trip Advisor and IHG based on the incredible service and accommodations they provide. In addition to both Holiday Inn Express’, Tirado refinanced the existing debt and provided the necessary funds to complete a required PIP on the 78-room Comfort Suites Inn at Ridgewood Farm located in Salem, Virginia. The hotel is situated in the quaint City of Salem, just 6 miles west of the City of Roanoke, and is conveniently located near the Blue Ridge Parkway, Salem Civic Center and Roanoke College. The owners of all three hotels received a 10-year non-recourse loan with a fixed interest rate in the 4% range.

Tirado also refinanced the existing debt and provided the funds necessary to complete a PIP on a 104-room Motel 6 located in Columbus, Ohio. The property is situated in an excellent location adjacent to I-70, which provides convenient access downtown Columbus, as well as numerous venues and attractions such as the Columbus Museum of Art and the Ohio State University. Tirado secured a 20-year self-amortizing loan for the owners of the hotel with an interest rate in the 4% range through one of Largo’s correspondent life insurance companies.

Lastly, Tirado arranged Bridge and CapEx financing for a Fairfield Inn & Suites, located in Marianna, Florida. The hotel consists of 77-rooms and is located directly between Tallahassee and Panama City, Florida, along the Florida Panhandle. The owners refinanced the existing debt and secured the necessary funds to complete a required PIP mandated by Marriott. The loan closed within a 2 week time-period, which provided the owners with the capital necessary to complete the renovation within a specific time.

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 throughout its term.

Largo has 17 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.

Hotel Property Financing

Largo Finances $84 Million for Three Properties Across NYS

BUFFALO, NY – July 8, 2015 – Jack Phillips, Principal of the Largo Group of Companies, secured $84 million in financing for two retail power centers and a flight R&D facility.

The first property is a 300,000 square foot retail power center located in Fayetteville, New York. The subject is situated just east of I-481 in one of Syracuse’s primary retail corridors. The center is shadow anchored by Target and features a variety of national, regional and local retailers. Phillips arranged a 7-year, fixed rate permanent first mortgage with a 27-year amortization for the borrower through one of Largo’s correspondent banks.

The second property is a 225,000 square foot retail power center situated in Watertown, New York. The center is located in the primary retail district of Watertown, which includes the Salmon Run Mall just 0.5 miles from the subject property. Phillips secured a 7-year, fixed rate deal with a 27.5-year amortization for the borrower through one of Largo’s correspondent banks.

Phillips also refinanced an 82,500 square foot flight and research development center located within the Niagara Falls International Airport. The subject features office space and airplane hangars with direct access to the airport runway. Phillips secured a 5-year, floating rate loan for the borrower with a 25-year amortization.

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 throughout its term.

Largo has 17 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.

calspan

Largo Finances $23.9 Million for Three Hotel Properties

BUFFALO, NY – June 29, 2015 – John Svec, Managing Director of the Largo Hospitality Finance Group, arranged $23.9 million in financing for three hotel properties located across the United States.

Svec financed Willows Lodge, an 84-room, four star boutique hotel located just 20 miles east of Seattle. The property is situated in the Woodinville Wine Country, featuring over 135 wineries and tasting rooms, numerous outdoor activities and upscale shopping. The Lodge features an elegant spa, highly acclaimed fine-dining and catering, serene grounds and access to authentic Washington wineries. Svec defeased and refinanced a CMBS mortgage with a 10-year fixed rate loan through one of Largo’s correspondent life insurance companies. The loan was structured with three years interest-only and 27-year amortization.

The second property is a 115-room Quality Inn located in Addison, Texas that was purchased and reflagged as a Red Roof Inn. The new Red Roof Inn is in the center of Addison’s busy commercial district on Belt Line Road, just 10 miles north of downtown Dallas. Addison has one of the region’s busiest community calendars with 27 annual events and festivals which help drive the hotel’s leisure and weekend-traveler demand. Svec secured a 5-year, fixed rate permanent first mortgage with 25-year amortization for the borrower including one-year of interest only.

Svec also refinanced a 91-room Hampton Inn located in Waterbury, Connecticut. The Hampton Inn is situated along Interstate 84 and benefits from Waterbury’s strong manufacturing base. Svec arranged a 20-year permanent first mortgage with 5-year fixed rate renewals and a 25-year amortization schedule.

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 throughout its term.

Largo has 17 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.

willows

Largo Finances $19.9 Million for Two Multifamily Properties

BUFFALO, NY – June 18, 2015 – Perry Miceli, Principal of the Largo Group of Companies, secured $19.9 million in financing for two multifamily properties located in Webster and Brighton, New York. The first property is a 114 unit, state-of-the-art senior apartment community conveniently located with quick access to route 104 expressway and just a short walk to the village of Webster. The second property is a 43 unit multifamily community located in Brighton, New York. The subject property is located just outside of the City of Rochester within close proximity to I-390, I-590, I-490 and area amenities, including the Marketplace Mall. For both properties, Perry arranged a 7-year, fixed rate loan with 30-year amortization through one of Largo’s correspondent lenders.

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 throughout its term.

Largo has 17 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.