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Brokerage
Posted: April 7, 2014
Phillips of Largo arranges $22.25 million in financing in Amherst and Buffalo; Includes a $14.75 million loan on behalf of Matrix Development Corp.
Jack Phillips, principal for the Largo Group of Companies, arranged $22.25 million in permanent first mortgage financings that included a medical office building in Amherst and the Lafayette Court Building in Buffalo.
The first property, a 67,442 s/f medical office building located at 3890 Sheridan Dr., Amherst, is highly visible from Interstate 290 and is commonly known as Dent Tower. This $14.75 million loan was arranged through a correspondent bank and placed on behalf of Matrix Development Corp., WNY-based medical office developer.
The second property, the Lafayette Court Building or 465 Main St., is a 210,015 s/f office building in downtown Buffalo. The $7.5 million loan was arranged through a correspondent life insurance company. The loan was placed on behalf of Ciminelli Real Estate Corp., a full service commercial real estate servicing firm with offices in New York, Florida, Pennsylvania and Connecticut.
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