Phillips of Largo arranges $22.8 million total for four multifamily properties

Honeoye, NY Jack Phillips, principal of the Largo Group of Companies, arranged $22.8 million in financing for four multifamily properties situated in the Syracuse area.

The first project financed through Largo is a remodeled 63-unit garden style apartment complex. Phillips negotiated a seven-year, fixed rate mortgage with one-year interest only, followed by monthly principal and interest payments based on a 30-year amortization.

The second loan originated by Phillips is secured by a 121-unit multifamily garden style complex. Phillips arranged a seven-year, fixed rate, permanent first mortgage with two-years interest only and 28-year amortization, thereafter. This loan was funded through one of Largo’s correspondent lenders.

Phillips arranged separate five and seven-year debt financing with interest only provisions for two multifamily properties in Lafayette. The first apartment complex features 56 one-, two-, and three-bedroom units with updated kitchens. The second complex is close to I-81 and consists of 80 garden style units. The seven-year loan was also funded through one of Largo’s correspondent lenders.

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