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 $7.6 Million for Four Self-Storage Facilities

BUFFALO, NY – September 27, 2016The Largo Group of Companies, Upstate New York’s largest privately owned commercial mortgage banking firm, secured $7.6 million in financing for four self-storage facilities located in the state capitals of Utah and Idaho. The transaction was negotiated by Shane Absalom, Account Executive at Largo.

The four facilities have a combined total of 2,440 units and are strategically located off of major thoroughfares in Boise and the suburbs of Salt Lake City.

Absalom secured four separate 10-year, non-recourse permanent first mortgages with 30-year amortization through one of Largo’s correspondent life insurance companies.
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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 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 is Pleased to Announce Richard Neville, VP Business Development

VP Business Development

The Largo Group of Companies would like to welcome Richard Neville to our firm as VP Business Development at our headquarter location in Getzville, New York.

Neville brings over 35 years of experience in real estate and commercial development spanning from Marine Midland Bank/HSBC, Small Business Administration (SBA) and Realty Credit to several senior level positions in Washington, DC. There he started his own commercial brokerage and development company, Aspen Group, LLC. Most recently, Neville was Senior VP of Development at Clover Group Inc. in Buffalo, New York. Neville has extensive commercial real estate knowledge and in his career has worked with numerous national multi-family, retail and hotel developers, as well as, hotel franchisees/franchisors. In addition, Richard has wide-ranging experience with senior and student housing, childcare facilities and credit/built-to-suit single tenant buildings.
Neville obtained a BA from Niagara University and is a licensed real estate broker in the states of Virginia, Maryland and New York. He is also an active member of the ICSC and Niagara County Food pantry.

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 is pleased to announce Aaron Davis, Account Executive

CRE Account Executive
The Largo Group of Companies promoted Aaron Davis to Account Executive. In his new role, Davis will originate, analyze and structure commercial loans throughout the United States. Before becoming an originator, he spent several years servicing and underwriting commercial loans for Largo. Davis is a licensed real estate salesperson who received both his Bachelor and Masters of Science degree in Global Business from Daemen College in Amherst, New York. There he played on the Daemen men’s basketball team for four years.

Largo Finances $27.5 Million for Two Apartment Portfolios in Buffalo, NY

Jack Phillips, Principal of The Largo Group of Companies, secured $27.5 million in financing for two separate apartment portfolios totaling 527 units in Buffalo, New York.
Phillips arranged two limited recourse loans at 80% leverage with two years interest only and a 30-year amortization thereafter. The loans were funded simultaneously through two of Largo’s banking relationships. The portfolio consists of 20 properties located throughout Buffalo, Lockport, North Tonawanda and Tonawanda, New York; 18 of which were purchased within the past 12 months.  The remaining two properties were acquired as part of the loan closing.
Apartment 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 $45 Million for Hotel Property in Vancouver, British Columbia

TORONTO, ON – November 15, 2016 Kevin Heiss, Managing Director of The Largo Group of Companies, secured $45 million in acquisition financing for a hotel property located in Vancouver, British Columbia.

Developed in 1999, the hotel features a total of 386 guestrooms, approximately 10,000 square feet of meeting space, and is located on the grounds of the Vancouver International Airport. The hotel was recently voted the number one airport hotel in North America for its third consecutive year. Heiss arranged a loan with a 10-year, fixed rate term and a 17-year amortization through one of Largo’s correspondent life insurance companies.
Hotel Financing Toronto, ON
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 $18.6 Million for Three Multifamily Properties in NY & FL

BUFFALO, NY – November 9, 2016 Perry Miceli, Principal of the Largo Group of Companies, secured $18.6 million in financing for three multifamily properties located in Upstate New York and Florida.

Miceli arranged $2 million in permanent financing to refinance the existing debt on a multifamily complex located in Fairport, New York, a suburb of Rochester. The complex consists of 15 buildings with 30, two-story townhome units.  In addition, Miceli secured $9 million in permanent financing for a multifamily complex in Spencerport, New York.  The complex features 13 apartment buildings consisting of 105 units and is in close proximity to the Interstate-490, which has direct access to Rochester’s CBD.  Miceli secured two separate 10-year permanent first mortgages through Largo’s correspondent lenders.
Miceli also arranged $7.6 million in financing for a multifamily property in Florida located approximately 10 miles north of Orlando. The subject property is a 144-unit multifamily complex with a wide range of amenities. The property is located in a heavily developed area anchored by the Altamonte Mall. Miceli secured a 12-year term with a 30-year amortization schedule, including four years of interest-only payments, through one of Largo’s correspondent life insurance companies.
Multifamily Property 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 $4 Million for Double Tree located within the Buffalo Niagara Medical Campus

BUFFALO, NY – November 2, 2016  Lori Tirado, Managing Director of the Largo Hospitality Finance Group, secured $4 million in financing for a Double Tree Club by Hilton hotel located in Buffalo, New York.  Tirado arranged a non-recourse loan with a 10-year fixed rate term and a 25 year amortization schedule, with an interest rate in the low 4%’s.  The loan was financed through one of Largo’s correspondent life insurance companies.  A portion of the loan proceeds will be used to improve the hotel with a $1.2 million renovation.
The 100-room hotel was developed in 1998, and is strategically positioned within the Buffalo Niagara Medical Campus (BNMC), the fastest growing area of the City of Buffalo.  The hotel offers its guests a direct connection to both Roswell Park Cancer Institute (RPCI) and Buffalo General Hospital via an enclosed walk-way.  To date, the campus has seen an investment of $1 Billion and new development is ongoing.  Some of the key developments within the BNMC include RPCI’s $50 million clinical sciences center that opened earlier this year; also, Kaleida Health’s consolidation of its health systems on the campus, which includes the John R. Oshei Children’s hospital that is slated to open in late 2017; and University at Buffalo’s consolidation of its medical education programs with their new $375 million medical school which is expected to open in 2017.  With this development, the demand for the hotel continues to grow and will only get stronger as the city continues to feel the positive impact of urban revitalization within the medical campus.
Hotel Financing Buffalo, NY
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.