Zach Casale, Account Executive for the Largo Group of Companies, arranged $12.5MM in financing for four multifamily properties located in Lewiston, Manhattan, and Buffalo, New York.The first transaction included a permanent first mortgage for a 106 unit apartment complex located in Lewiston, New York. Lewiston is a quaint historic village in Niagara County situated along the Niagara River directly across from Canada. The borrower has been affiliated with the property since construction and is an experienced owner/manager of multifamily properties throughout Western New York. This was structured as a 20 year self-liquidating loan, financed through a correspondent life company.
The second transaction is for a 120 unit condominium complex known as The Legacy at Lewiston. The purpose of the loan is to refinance the existing debt on the property and finish the development of 16 units at the complex. Zach has secured a 2 year interest only loan for the borrower.
The purpose of the third transaction was the refinance debt on a 12 unit Manhattan walk-up with a single retail unit on the ground floor. The property is located centrally in the East Village just one block from a metro station. The non-recourse loan was structured as a 7 year term with a sub 4% interest rate, and a 5 year option based on a 30 year amortization schedule.
The fourth transaction was to refinance the existing debt on Sheldon Apartments, a 48 unit apartment complex located along Delaware Avenue in Buffalo, New York. The property benefits from its proximity to Buffalo’s thriving Elmwood Avenue and Allentown districts. The non-recourse loan was financed through a correspondent lender and structured as a 10 year fixed rate loan with a 30 year amortization schedule.
The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative 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 relationships with 17 correspondent lenders and offers additional lending sources to the marketplace, which will benefit owners and developers of commercial properties providing alternative finance options. Largo offers long-term, non-recourse financing at a competitive fixed rate for its borrowers through its strong network of correspondent lenders.