TORONTO, ON – November 28, 2017 – Kevin Ross, Vice President of Originations at Largo Capital, secured $11.3 Million in mortgages for four transactions throughout the United States and Canada.
Ross negotiated a $1.5 Million loan to refinance the existing debt on a 171-unit self-storage facility in Mount Albert, Ontario. The project is newly constructed and offers climate controlled storage units. The 3-year, fixed rate mortgage with 25-year amortization was funded through a recently formed Schedule I Bank in Canada.
The next loan transaction, in the amount of $3.5 Million, was used to acquire two multi-tenanted office buildings. Both properties are well-located within the suburbs of Trenton, New Jersey. Ross arranged a 3-year, interest only mortgage through one of Largo’s correspondent lenders.
The third deal, at $3.1 Million, was structured to refinance the existing debt on a 75,000 square foot mixed-use property in Montreal, Quebec. The property was 100% occupied at the time of financing. Ross negotiated a 5-year, fixed rate mortgage with 25-year amortization on behalf of the borrower.
The fourth transaction, negotiated by Ross, was a $3.2 Million loan used to acquire a limited service hotel in the Buffalo-Niagara MSA. The Best Western Plus features 95-rooms with an indoor pool, fitness center and 8,800 square feet of meeting space. Ross arranged a 5-year mortgage with 25-year amortization on behalf of the borrower.
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.