News:
Brokerage
Posted: November 28, 2016
Heiss of Largo Group of Companies secures $27.7 million in financing
Largo-2.jpg">
Largo-2-300x161.jpg" alt="Multifamily Townhouse Community in the Finger Lakes Region." width="300" height="161" /> Multifamily Townhouse Community in the Finger Lakes Region.
Finger Lakes, NYÂ Kevin Heiss, managing director of The Largo Group of Companies, secured $27.7 million in financing for a multifamily townhouse community located in the Finger Lakes Region of Upstate New York.
The first two phases of the property include a total of 156 units. The 19 acres of land feature 29 two-bedroom and 17 one-bedroom townhouses. Heiss arranged a 7-year, fixed rate permanent first mortgage with 30-year amortization.
For the third phase of the property, Heiss secured $11 million in financing for the construction and development of 92 rental townhouse units on a 24.5 acre parcel. Heiss arranged an interest only construction loan for the first 18 months of the 7-year term, converting to a fixed rate permanent first mortgage with 30-year amortization. Both loans were sourced for the borrower through one of Largo's correspondent banks.
Largo-2-300x161.jpg" alt="Multifamily Townhouse Community in the Finger Lakes Region." width="300" height="161" /> Multifamily Townhouse Community in the Finger Lakes Region.Largo Group is a commercial mortgage banking firm that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative commercial real estate financing structures for borrowers throughout the United States and Canada. We manage the loan process from loan application through closing and service the loan throughout its term.
Largo has 21 correspondent relationships and offers additional lending sources, providing property owners and developers long-term, non-recourse commercial real estate financing at a competitive fixed rate.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
 (2).gif)
Columns and Thought Leadership
A guide to finding the right NYC property management company - by Sanjay Gandhi
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Positive forecast for New York’s pro-housing push? - by Philip Butler
New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing
.gif)
September Promotion
