BUFFALO, NEW YORK – July 27, 2017 – Jack Phillips, Principal of the Largo Group of Companies, secured $14.75 million for a manufactured housing community in Ohio and a hotel property in New York.
The first property is a 235-pad manufactured housing community located in Grove City, Ohio. The subject property is located approximately 10 miles west of Columbus, Ohio. The subject’s common amenities include a clubhouse, pool, basketball court, and a playground. Phillips arranged a 10-year, fixed rate permanent first mortgage with 30-year amortization.
The second property is a 106-room Hampton Inn located in Oneonta, New York. The hotel is located off of Interstate-88 and draws tourists from the National Baseball Hall of Fame, SUNY Oneonta, and Hartwick College. Phillips negotiated a 10-year, fixed rate, permanent first mortgage with 30-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.