Fitzgerald of Largo Capital arranges $1.75 million first mortgage refinance of 43,000 s/f retail center in Effingham, IL

Effingham, IL Ian Fitzgerald of Largo Capital, Inc. arranged a $1.75 million permanent first mortgage to refinance a 43,000 s/f retail center located off the I-70 interchange. The property is 76% occupied and anchored by long-standing national tenants Goodwill and Planet Fitness.

The financing was structured as a low-leverage, cash-neutral refinance with three years of interest-only and a rate in the high-five percent range. The execution highlights Largo’s ability to structure strong, relationship-driven transactions and place deals with life insurance company lenders who offer flexible structures.