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Brokerage
Posted: May 11, 2015
Casale of Largo secures $16 million in bridge and permanent financing; Includes 215 units in Rochester
Zach Casale, account executive of the Largo Group of Companies, secured $16 million in bridge and permanent financing for multifamily properties located in San Diego, CA and Rochester, NY.
Casale arranged a portfolio bridge loan to finance the acquisition of a multifamily property located in San Diego. He was able to close the loan in 30 days through one of Largo's correspondent FNMA lenders.
The transactions in Rochester, consisted of a portfolio of three multifamily properties totaling 163 units and two multifamily properties totaling 52 units. Casale secured a non-recourse, 20-year self-amortizing loan at a sub-4% interest rate on the 163 unit portfolio, which was financed through one of Largo's correspondent life insurance companies. The second transaction, consisting of two multifamily properties, provided substantial return of equity to the sponsor through one of Largo's correspondent FNMA lenders. This loan is fixed for 10 years with a 30 year amortization schedule.
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