Agha of Largo finances $3 million first mortgage for 106-unit apartment complex

Farah Agha, account executive for the Largo Group of Companies, arranged a permanent first mortgage in the amount of $3 million to pay off the construction debt on the Riverpointe Townhomes, a 106-unit apartment complex located at 4812 University Court. The borrower acquired the property in 2006 and renovated the complex to include new roofs, plumbing, bathrooms, siding, electrical wiring, carpeting and paint. At the time of acquisition, the property was 25% occupied. Currently, the property is 92% occupied and has been for the past six months. The property benefits from its close proximity to Niagara University, situated within walking distance. All units are two-bedroom/one bath, consisting of 950 s/f. The tenant mix is 30% students and 70% families. Largo 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 U.S. and Canada. We manage the loan process from loan application through closing and service the loan throughout its term.