Casale of Largo arranges $12.5 million in financing for four multifamily properties

Zach Casale, account executive for the Largo Group of Companies, arranged $12.5 million in financing for four multifamily properties located in Lewiston, Manhattan, and Buffalo. The first transaction included a permanent first mortgage for Historical Square, a 106-unit apartment complex located at 920 Mohawk St. in Lewiston. The borrower has been affiliated with the property since construction and is an experienced owner/manager of multifamily properties throughout Western New York. This was structured as a 20-year self-liquidating loan, financed through a correspondent life company. The second transaction was for a 120-unit condominium complex known as The Legacy at Lewiston, located at Legacy Dr. The purpose of the loan was to refinance the existing debt on the property and finish the development of 16 units at the complex. Casale secured a 2-year interest only loan for the borrower. The third transaction was the refinance debt on St. Mark's Place, a 12-unit Manhattan walk-up with a single retail unit on the ground floor. The property is located centrally in the East Village just one block from a metro station. The non-recourse loan was structured as a 7-year term with a sub 4% interest rate, and a 5-year option based on a 30-year amortization schedule. The fourth transaction was to refinance the existing debt on Sheldon Apartments, a 48-unit apartment complex located along Delaware Ave. in Buffalo. The property is in close distance to Buffalo's Elmwood Ave. and Allentown districts. The non-recourse loan was financed through a correspondent lender and structured as a 10-year fixed rate loan with a 30-year amortization schedule.