Phillips of Largo arranges $2.16m for 29,800 s/f mixed-use property

Jack Phillips, account executive for Largo Real Estate Advisors, Inc., arranged first mortgage financing in the amount of $2.16 million for the Spaulding Building, a 29,800 s/f mixed-use building located at 763-773 Main St. The property is currently 100% occupied and consists of nineteen apartment units totaling 16,600 s/f and an office space, occupied by Foit-Albert Associates, totaling 13,200 s/f. The Spaulding Building is located in a highly developed commercial area, accommodating retail shops, restaurants, banks and office buildings. Phillips secured a 10-year fixed rate loan and a 30-year amortization schedule for the borrower.