Perlman of Largo secures three loans totaling $20.2 million; Coscia of Largo negotiates $5.7m

 

 

Buffalo, NY According to the Largo Group of Companies, they have closed four loans totaling $25.9 million:

Ned Perlman, vice president of originations at the Largo Group, secured a $13 million permanent loan to refinance the existing debt of an office building located downtown. The three-story building has a total of 101,442 rentable s/f of which is currently 83% occupied. The subject property has a waterfront view of Lake Erie and is an ideal location to major highways, bus stations, and train stations. Perlman arranged a 10-year term with 25-year amortization on behalf of the borrower at a competitive fixed rate.

Kevin Coscia, managing director at the Largo Group, secured $5.7 million in refinancing for a multifamily portfolio located in Lancaster. The properties are owned by Young Development, who have over 35 years of experience owning multifamily properties in Upstate NY. Notably, Buffalo’s multifamily market is becoming increasingly strong with occupancy and rental rates at record levels.

Perlman closed $3.7 million on a permanent first mortgage to refinance the existing debt secured by a multifamily property located in East Amherst. Recently built in 2019, the subject property offers 18 luxury apartments with modern amenities and close proximity to Transit Road destinations. Perlman arranged a 10-year term with a 30 year amortization on behalf of the borrower at a competitive fixed rate.

Perlman secured $3.5 million in refinancing for four multifamily properties in Rochester. In total, the portfolio features 43 units that are currently 100% occupied with studio, 1-bedroom, and 2-bedroom options. All of the properties are located in the Genesee-Jefferson neighborhood, just southwest of the CBD and across the Genesee river from University of Rochester. Perlman arranged a 10-year term with a 30-year amortization on behalf of the borrower at a competitive fixed rate.