News:
Brokerage
Posted: November 23, 2021
Carswell of Largo Capital's Manhattan office arranges $12 million in refinancing for two industrial properties
Westbury NY Dave Carswell, managing Director of Largo Capital's Manhattan office, arranged $12 million in refinancing for two industrial properties.
The first transaction was a $10 million permanent first mortgage secured by a 96,000 s/f industrial building in Westbury, New York. The building is 100% owner-occupied by a long time user. Carswell was able to negotiate a fixed rate of 2.65% with a 25-year amortization.
The second transaction was a $2 million permanent first mortgage to refinance a 40,000 s/f industrial property located in Newburgh, NY. The property is a well-equipped industrial site with ample parking, 12 exterior dock doors, one drive-in bay and two levelers. Carswell worked on behalf of the repeat borrower to secure the competitive 15-year fixed rate with a 25-year amortization.
Both transactions provided full cash-out to the borrowers and were financed through one of Largo's correspondent life insurance lenders.
Tags:
Brokerage
MORE FROM Brokerage
Delisle and Monahan of Island Associates lease 45,000 s/f to Giunta’s Meat Farms at Strathmore Commons
Middle Island, NY Roger Delisle and Robert Monahan of Island Associates negotiated the lease for the Giunta’s Meat Farms to occupy 45,000 s/f at Strathmore Commons.
.jpg)
Quick Hits
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
.gif)