BUFFALO, NEW YORK – July 13, 2017 – Shane Absalom, Account Executive of the Largo Group of Companies, arranged $1.2 million in financing for the acquisition of a 40,000 square foot self-storage facility located in Inman, South Carolina. Inman is located in the upstate region of South Carolina, and more specifically Spartanburg County. Inman residents have access to nearby Lake Bowen that afford water recreational sports and fishing.The Spartanburg County population has increased every year over the past 100 years, and has consistently ranked as one of the fastest growing counties in the country.
The property consists of 240 self-storage units with 41 covered RV parking units. Absalom arranged a non-recourse, 10-year, fixed rate permanent first mortgage with 25-year amortization through one of Largo’s correspondent life insurance companies.
The Largo Group of Companies is a commercial mortgage banking firm that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative commercial real estate 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.
Largo has 21 correspondent relationships and offers additional lending sources, providing property owners and developers long-term, non-recourse commercial real estate financing at a competitive fixed rate.