Phillips of Largo arranges permanent first mortgage - $17.175 million

Jack Phillips, principal for the Largo Group of Companies, arranged a permanent first mortgage in the amount of $17.175 million to refinance the construction debt on a regional power center. The loan was secured for 5 years at a sub-5% fixed rate and a 25 year amortization schedule, through one of Largo's correspondent lenders. The center is shadow anchored by Target and anchored by Lowe's, Bed, Bath & Beyond, Michael's and Petco. It is located directly between the City of Buffalo and the City of Rochester along I-90 and draws shoppers from the surrounding communities, which have historically been under-served by retailers. This power center is the newest retail development in the market. The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects.