Zach Casale, Account Executive for the Largo Group of Companies, arranged $10,275,000 to refinance the existing debt on a self-storage facility and multifamily property both in Buffalo, NY, and two manufactured housing communities located in Central, NY.
The first property, Hamburg Self Storage, is a 596 unit facility in Hamburg, NY. It is conveniently located a 1/2 mile from Interstate-90, near the corner of Southwestern Boulevard and Camp Road, the major commercial thoroughfares servicing Hamburg and the south towns. Zach arranged a 15 year self-amortizing mortgage with one of Largo’s correspondent life insurance companies while coordinating the sponsor’s defeasance payoff from a previous CMBS note.
The second property, known as Elmwood & Somerset Apartments, is a 72 unit multifamily property located in Buffalo, NY. Zach secured a fixed 10 year deal, 30 year amortization and non-recourse terms for his client. This transaction was closed in less than 45 days through one of Largo’s Frannie Mae correspondent lenders.
Lastly, Zach closed two manufactured housing communities located in Central NY containing 162 Pads. Zach arranged a 10 year deal, 25 year amortization schedule and non-recourse terms for his client.
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.
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.