Largo Real Estate Advs. finances three deals totaling $3.956 million

Penfield Medical Office Building


Jack Phillips


Frank Giacobbe

Rochester, NY Largo Real Estate Advisors, Inc. has completed three deals totaling $3.956 million. The transactions include:

* A $1.688 million permanent first mortgage arranged by Jack Phillips, account executive for Largo. The financing is for a newly constructed Penfield Medical Office building located at Transit Rd. The project consists of 9,000 s/f and is 100% occupied by All Care for Women. Phillips secured a 10-year fixed rate loan with a 27.5 -year amortization schedule for the borrower.

* A 1.688 million permanent first mortgage arranged by Frank Giacobbe, account executive for Largo. The financing was placed for the U-Store-It Self Storage located in Endicott. The property has 298 storage units and two apartments totaling 36,120 s/f and features a perimeter security fence with electric key pad access, as well as an onsite rental office. Giacobbe secured a 20-year fixed-rate loan, with four rate resets every five years and a 25-year amortization schedule for the borrower.

* An advance of funds on the existing mortgage in the amount of $580,000 secured by Farah Agha, account executive for Largo. The funds are for a Small World Daycare facility located in Wheatfield. Originally the daycare was 3,600 s/f; however, the borrower has recently completed a 2,500 s/f addition. Small World Daycare is situated in the Woodlands Corporate Park. Agha secured a seven-year, seven-month fixed rate loan co-terminus with the existing debt and a 22-year amortization schedule for the borrower.