Shelby Township, MI David Carswell, managing director of Largo’s Manhattan office, arranged $10.5 million in financing for a 160,000 s/f shopping center. The property is located across from the 1.5 million s/f Lakeside Mall.
Carswell was able to secure a short-term bridge option at a very competitive rate on behalf of the borrower through one of Largo’s correspondent life insurance lenders. The transaction was creatively structured while still maintaining non-recourse, fixed rate, interest only bridge debt to facilitate the landlord’s efforts in lease up and seasoning after the loss of a long term, big box retail anchor tenant.