Jack Phillips arranged $8,600,000 for Clay Center South in Clay, New York.

Jack Phillips secured the financing through a correspondent life insurance company.

FOR IMMEDIATE RELEASE
Syracuse, New York – August 15, 2012 – Jack Phillips, Principal for the Largo Group of Companies, arranged permanent financing in the amount of $8,600,000 to refinance the existing debt on a portion of a regional power center located in Clay, New York, a northwestern suburb of the City of Syracuse.  Constructed in 2008, the center is comprised of two tenants, Lowe’s Home Improvement and Hobby Lobby.  Some of the other larger tenants that are also located within the center include Target, Home Depot, Kohl’s and Bed, Bath and Beyond.  The loan was placed with a correspondent life insurance company.  Jack Phillips arranged a 20 year term with a 25 year amortization schedule for the borrower.

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:  claycenter

Jack Phillips,  Principal
(716) 204-2212  •  jphillips@largocapital.com

Lori Tirado, Director of Marketing

(716) 204-2223  •  ltirado@largocapital.com