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Posted: September 10, 2010
Fletcher of Largo Group of Companies arranges $3.3 million permanent first mortgage for self-storage facility in Depew
DEPEW, NY John Fletcher, account executive for the Largo Group of Companies, arranged a $3.3 million permanent first mortgage to refinance the existing debt on a self-storage facility situated along Walden Ave. The property consists of 899 storage units, 6 office units and various outside RV/Boat storage pads.
The storage facility was originally developed as a home improvement center in 1988. In 1997 the center was renovated into the storage facility that it is now. The facility is unique in that it is the only high bay, drive-in, climate controlled storage facility in the Buffalo area. John Fletcher secured a 10 year fixed rate loan with a 20 year amortization schedule for the borrower. The borrower owns a total of six self-storage facilities in New York, Maryland and Mass.
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. They manage the loan process from loan application through closing and service the loan throughout its term.
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