BUFFALO, NY – May 2, 2017 – The Largo Group of Companies, WNY’s largest privately owned commercial mortgage banking firm, secured $15.6 million in financing for two medical office properties located in Jamestown and Horseheads, NY. The transaction was negotiated by Jack Phillips, Principal of Largo.
Phillips secured a permanent first mortgage to finance a 79,000 square foot medical office building in Jamestown, NY. The primary tenant, UPMC Hamot, is a subsidiary of the University of Pittsburgh’s Medical Center and offers a full complement of inpatient and outpatient services. Phillips arranged a 3-year permanent first mortgage with a 25-year amortization.
In addition, Phillips arranged a 13-year self-amortizing loan on behalf of the borrower in Horseheads, NY. The subject is 100% occupied by Gutherie Medical and consists of approximately 35,000 square feet of medical office space. Gutherie Medical is a non-profit health care organization focused on improving the health and well-being of the communities it serves.