Zach arranged 6 months I.O. followed by a 3 yr deal with a sub 3.5% rate for the borrower.
FOR IMMEDIATE RELEASE
Rochester, New York- July 23, 2013 – Zach Casale, Account Executive for the Largo Group of Companies, has arranged $3,350,000 for Riverview Commons located along N. Water Street in Rochester, New York. The loan will be used to refinance the existing debt and build out additional apartments at the subject property, which are slated for completion this summer. Zach arranged a 6 month interest only loan during the construction period, followed by a 3 year deal with a sub 3.5% fixed interest rate on a 25 year amortization schedule. The project will feature 57 loft-style apartment units within 3 contiguous buildings. The existing 41 units are 100% occupied; the project features underground parking for 40 vehicles plus open air parking for the remaining units. Riverview Commons is located off of the Inner Loop in the St. Paul Quarter, a vibrant downtown neighborhood with many amenities.
Largo has relationships with 17 correspondent lenders and offers additional lending sources to the marketplace, which will benefit owners and developers of commercial properties providing alternative finance options. Largo offers long-term, non-recourse financing at a competitive fixed rate for its borrowers through its strong network of correspondent lenders.
The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative 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.
For further information, please contact:
Zach Casale, Account Executive
(716) 204-2215 – zcasale@largocapital.com
Lori Tirado, Director of Marketing
(716) 204-2223 – ltirado@largocapital.com
