Miceli of the Largo Group of Companies arranges $27 million mortgage for four complexes

Perry Miceli, principal for the Largo Group of Companies, arranged a $27 million permanent first mortgage to refinance the existing debt on four garden-style apartment complexes. The financing was provided by one of Largo's correspondent Life Insurance Companies, who secured a 10 year, sub 5% fixed rate, non-recourse loan. The collateral for the loan includes Armor Heights, Big Tree Manor, Hallmark Village and Quakertowne Apartments. All four complexes were built in 1971 and 1972 and total 766 apartment units, covering 646,268 s/f of space. Armor Heights is comprised of 17, two-story, wood-frame buildings housing 132 units. Big Tree Manor consists of 10, two-story, wood frame buildings totaling 84 units. Hallmark Village includes 19 two-story, wood frame buildings totaling 140 units. Initially Big Tree only had 132 apartment units; however, 8 additional units were constructed in 2008. Quakertowne is much larger than the other three apartment complexes included in the collateral. Quakertowne consists of 50 two-story, wood frame buildings housing 410 apartment units. The properties are situated in a residential area with access to Rte. 219 and I-90.