BUFFALO, NEW YORK – July 18, 2017 – The Largo Group of Companies, Upstate New York’s largest private mortgage banking firm, has secured $20.1 million in financing for three hotels located in New York, Iowa, and Georgia. The transactions were negotiated by Lori Tirado, Managing Director of the Largo Hospitality Finance Group.
The first property is a 112-room full-service Hilton Garden Inn located in Ames, Iowa. Ames is approximately 40 minutes north of Des Moines and is home to Iowa State University. Tirado arranged a 10-year, fixed rate loan with 30-year amortization on behalf of the borrower.
The second property, situated in College Park, Georgia is a recently renovated 156-room Days Inn located off of Interstate 85. Amenities at the property include free WiFi, a continental breakfast, laundry facilities, and a shuttle service to and from the airport. The Hartsfield-Jackson Atlanta International Airport is located adjacent to the subject, just across Interstate 85. Tirado negotiated a 10-year, fixed rate permanent first mortgage with 20-year amortization through one of Largo’s correspondent life insurance companies.
The third property is located in Liverpool, New York, a lakeside village in Onondaga County. The 61-room Best Western Plus was constructed in 2004, with significant renovations from 2012-14, including the following: lobby in 2012, business center in 2014, and guestrooms in 2014 (new beds, carpet, televisions, AC units, and lighting.) Tirado arranged a 10-year loan 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.