Jack Phillips, Principal of The Largo Group of Companies, secured $27.5 million in financing for two separate apartment portfolios totaling 527 units in Buffalo, New York.
Phillips arranged two limited recourse loans at 80% leverage with two years interest only and a 30-year amortization thereafter. The loans were funded simultaneously through two of Largo’s banking relationships. The portfolio consists of 20 properties located throughout Buffalo, Lockport, North Tonawanda and Tonawanda, New York; 18 of which were purchased within the past 12 months. The remaining two properties were acquired as part of the loan closing.