News:
Brokerage
Posted: July 18, 2017
Phillips of Largo arranges $22.8 million total for four multifamily properties
Largo.jpg" width="180" />
Largo Group of Companies
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.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $16.25 million sale of Ponce Bank flagship headquarters in the Bronx
Bronx, NY Marcus & Millichap negotiated the sale of a net-leased bank property occupied by Ponce Bank. The asset sold for $16.25 million. “This property drew tremendous interest as it was a
Quick Hits
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.