Zach Casale arranged a non-recourse 30 yr fixed rate deal with 2 years interest only.
FOR IMMEDIATE RELEASE
Rochester, New York- March 22, 2013 – Zach Casale, Account Executive for the Largo Group of Companies, has arranged $3,757,000 for construction and permanent financing for the renovation of the historic Free Academy Building in downtown Rochester, New York. This property will be converted into a mixed-use, LEED certified building. Zach arranged a 30 year, non-recourse fixed rate loan with 2 years interest only during the construction period. The renovations will be completed late in 2013 and will include 6,050 square feet of first floor retail space, which will be occupied by a cafe that will service the needs of approximately 20,000 employees within 4 blocks of the property. The next 3 floors will consist of 21 market-rate apartments, offering prospective tenants one and two bedroom units in Rochester’s Central Business District. Lease rates for the apartments will range from $1,500 – $2,000 a month depending on size, amenities and location within the building. With over 70,000 full time employees within a mile of the proposed redevelopment, interest for downtown living is at its highest demand.
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
