Brian Sheldrick arranged $27M for a student housing project in Hartford, Connecticut

Brian Sheldrick, Managing Director of the Largo Group of Companies Albany office, arranged $27 million to refinance the existing construction debt on a 352 bed student housing project located on the Trinity College campus in Hartford, Connecticut.  The project consists of two phases.  In August 2013, Phase I was completed, providing 203 beds for students attending the Fall Semester.  Phase II, totaling 149 beds, will be available for the spring 2014 semester, with completion set for January.  The construction of the property is of the highest quality and is gold LEED certified.  Brian arranged a 7 year, sub 4% fixed rate deal with a 30 year amortization schedule for the borrower.  The loan was financed at 80% of the property’s value through one of Largo’s correspondent lenders.

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.