Buffalo & Niagara Falls, NY The Largo Group of Companies (Largo) has completed two refinances totaling $7.3 million.
Ned Perlman, vice president of Originations at Largo, arranged $1.9 million or the refinance of a 20-unit multifamily property located in Buffalo, NY.
Jack Phillips, principal at Largo, arranged financing for a manufactured housing community located in Niagara Falls, NY. Upon completion, the project will total 148 pads. The park is considered a four-star property with double wide lots, paved roads, curbing, streetlights, landscaping, and an on-site property manager. The property also features public utilities, including sewer and water.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,