BUFFALO, NY – June 6, 2017 – The Largo Group of Companies, Upstate New York’s largest private mortgage banking firm, has secured $5.5 million in financing for three budget hotels, with two of them located in Ohio and one in North Carolina. The transactions were negotiated by Lori Tirado, Managing Director of the Largo Hospitality Finance Group.
The first property is a 101-room Motel 6 located in Grove City, Ohio, which is south of Columbus. Amenities at the property include free cable and wifi, coin laundry service, and handicap accessible rooms. The hotel is conveniently located off of I-71, one mile away from I-270, and seven miles south of Columbus’ commercial business district. Tirado arranged a 10-year, fixed rate loan with 20-year amortization through one of Largo’s correspondent life insurance companies.
The second property in Ohio is a 57-room Quality Inn & Suites located in Delaware, which is about 30 miles north of Columbus. Amenities at the property include a free buffet breakfast, wifi, parking, an indoor pool, air conditioning, and a self-serve laundry center. The hotel is located two miles away from Ohio Wesleyan University and about 40 minutes away from the John Glenn Columbus International Airport. Tirado arranged a 25-year, self-amortizing with a declining prepay structure.
The third property is a 100-room Quality Inn located in Mount Airy, North Carolina. Amenities include free wifi, parking, buffet breakfast, air conditioning, and a pool. The hotel is situated in close proximity to numerous big-box retail stores and is less than a mile away from Route 52. Tirado arranged a 10-year fixed rate loan, with 20-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.