WESTERN NEW YORK – May 9, 2017 – Shane Absalom, Account Executive of The Largo Group of Companies, secured $12.5 million in both construction and permanent financing for three properties located across Western New York.
The first property is a to be constructed 76-bed student housing complex in Ithaca, New York. The subject is less than a quarter of a mile from Cornell University and 2.5 miles from Ithaca College. Absalom arranged a 12-month construction loan with a 3-year mini-perm option.
The second property is an 18,000 square foot building situated in the Historic Cobblestone District in downtown Buffalo. Absalom secured a 10-year, fixed rate permanent first mortgage with a 25-year amortization.
The third property is a 35,000 square foot plaza located in Clarence, New York. The subject benefits from its close proximity to Transit Road, one of the region’s primary retail corridors. Absalom arranged construction to permanent financing to expand the center to accommodate a new tenant. The construction loan will convert to a 10-year permanent first mortgage with a 25-year amortization.