
Buffalo, NY Jack Phillips, principal at Largo Capital, Inc. secured a permanent first mortgage to refinance the existing debt on a mixed-use property. The property features over 11,000 s/f of commercial space and 50 residential units. In addition, the property offers access to local amenities as well as major highways including the Kensington Expwy. (NY-33) and the Scajaquada Expwy. (NY-198).
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,