
Buffalo, NY Kevin Coscia of Largo Capital, Inc. secured a permanent first mortgage to refinance the existing debt on a multifamily property. The ten-year, fixed-rate loan will include 5-years of interest only payments. The 44-unit multifamily development features two-bedroom, two-bathroom units with options for either one or two car garages. In addition, the property offers excellent access to the popular Southgate Plaza, Aurora Expressway, Downtown Buffalo, and the Buffalo Niagara International Airport.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,