Casale of Largo arranges $4 million first mortgage in Niagara Falls

Zachary Casale, account executive for the Largo Group of Companies, arranged a permanent first mortgage in the amount of $4 million to refinance the existing debt on Riverpointe Townhomes. The loan was structured for 5 years with a sub-6% rate and 25 year amortization schedule. This apartment complex consists of 106 units and was purchased by the borrower in 2006. Since 2006, the property had a complete gut rehab including new roofs, new plumbing, new kitchens and bathrooms, new siding, new electrical wiring, new carpeting and paint etc. At the time of acquisition, the property was 25% occupied. Currently, the property is 92% occupied and has been operating at or above 90% since late 2007. All units are 2 bedroom/1 bath, consisting of approximately 950 s/f of space. The property benefits from its close proximity to Niagara University, situated within walking distance. 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 U.S. and Canada. We manage the loan process from loan application through closing and service the loan throughout its term.