TORONTO, ON – October 18, 2016 – Kevin Heiss, Managing Director of The Largo Group of Companies, secured $27.7 million in financing for a multifamily townhouse community located in the Finger Lakes Region of Upstate New York.
The first two phases of the property include a total of 156 units. The 19 acres of land feature 29 two-bedroom and 17 one-bedroom townhouses. Heiss arranged a 7-year, fixed rate permanent first mortgage with 30-year amortization.
For the third phase of the property, Heiss secured $11 million in financing for the construction and development of 92 rental townhouse units on a 24.5 acre parcel. Heiss arranged an interest only construction loan for the first 18 months of the 7-year term, converting to a fixed rate permanent first mortgage with 30-year amortization. Both loans were sourced for the borrower through one of Largo’s correspondent banks.