Casale of Largo Group of Companies arranges $2.84 million loan

Zach Casale, account executive for the Largo Group of Companies, arranged a permanent first mortgage loan for East End Apartments located in downtown Rochester, New York. The loan amount was $2.84 million and came with a 10-year, fixed rate term with a reset after the first 5 years, followed by a 20 year amortization schedule. The sub-6% rate financ­ing was arranged through a local bank. East End Apartments is a 79-unit mid-rise apartment complex that consists of two brick buildings, one 3-story and one 4-story, and on-site parking for 50 vehicles. The property was purchased in 2007, underwent a complete renovation and was retenanted in late 2008. It now consists of 47 studio units, 30 one-bedroom units and 2 two-bedroom units, and is cur­rently 96% occupied. The subject is located in the heart of Rochester's East End Business District, one of upstate NY's premier destinations for fine dining, nightlife, entertainment and the arts and doing business. Since 1996, the owners of this property have renovated/built approximately 300 apart­ment units across the Rochester market. 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.