Buffalo , New York – November 12, 2013 – Zach Casale, Account Executive for the Largo Group of Companies, arranged $8MM in permanent financing for three retail properties located across Upstate New York. All three properties were financed through Largo’s correspondent life insurance companies.
The first transaction included a permanent first mortgage for a retail strip plaza located on East Avenue in Rochester, New York. The plaza is 100% occupied and maintains excellent visibility with immediate access to Interstate 490. The second transaction was an Orville’s Home Appliance Store located in a suburb of Buffalo, New York. The store was recently built and opened summer 2013. Both of these transactions were structured as 15 year fixed rate self-liquidating loans.
The purpose of the third transaction was to refinance the existing construction debt of a 14,673 square foot single tenant Rite Aid in Central New York. The non-recourse loan was fixed for 10 years with a 25 year amortization schedule.
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.
