BUFFALO, NY – November 14, 2017 – Jack Phillips, Principal of the Largo Group of Companies, secured a total of $18 million in financing for two separate medical office projects located in Upstate New York.
The first property, located in the City of Jamestown, is a 35,000 square foot multi-tenanted medical office building that was completely renovated in 2010. The building is within close proximity to UPMC Chautauqua WCA, the Southern Tier’s premier regional medical center. Phillips arranged a 7-year, fixed rate permanent first mortgage with 25-year amortization through one of Largo’s correspondent lenders.
The second property is a freestanding 59,000 square foot Class A medical office building located along Sheridan Drive in the Town of Amherst. The property is currently 100% occupied and is located just west of the Youngmann Memorial Highway (Interstate-290). Phillips arranged a 10-year, fixed rate permanent first mortgage with 30-year amortization through one of Largo’s correspondent lenders.
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.