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Brokerage
Posted: March 2, 2021
Largo secures four loans totaling over $14.9 million; includes $9.4m by Dowd and $5.5m by Perlman
Buffalo, NY Largo completed the following transactions:
Maxwell Dowd, vice president of originations for Largo Capital’s Rochester office, arranged the $9.4 million refinance of a luxury apartment community. The non-recourse loan provided three years of interest-only followed by a 12-year term with 30-year amortization. Dowd negotiated a low rate at maximum proceeds, allowing the owner to recapitalize a newly stabilized property with permanent debt. The lender provided 75% loan to value financing which included cash-out to the borrower.
Ned Perlman of Largo Capital arranged financing for a 450-pad manufactured housing community in Lockport. The $5.5 million limited-recourse loan featured a low 10-year fixed rate, 30-year amortization, flexible prepayment and cash out to the borrower.
Kurt DeVries, managing director of Largo Capital’s Tampa office, arranged financing for a newly developed Publix anchored retail plaza in Lakeland, Fla. DeVries was able to secure a low 20-year rate for the self-amortizing mortgage. Additional details of the financing was not disclosed.
Neal Colligan, principal at Largo Capital’s Philadelphia office, arranged acquisition financing for an eight-property, multi-tenanted industrial portfolio in Jacksonville, Fla. The borrower was offered multiple quotes from various financing sources before accepting a transaction from a regional banking source. The deal featured a 5-year fixed rate, an interest-only period and additional funding for TI and CapEx. The transaction was completed in accordance with the acquisition time-line. Additional details of the financing was not disclosed.
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