Phillips of Largo finances $11.5m for 82,500 s/f flight research and dev. ctr.

Jack Phillips, account executive for Largo Real Estate Advisors, Inc. arranged first mortgage financing in the amount of $11.5 million for the Calspan Flight Research Center. The property, located on 2041 Niagara Falls Blvd., is an 82,500 s/f flight research and development center. The Calspan Flight Research Center is located within the property of the Niagara Falls International Airport and consists of two group 1 hangars totaling 47,000 s/f and an office and research area totaling 35,500 s/f. The center is used to house a flight/aero research department for collecting crash data and systems engineering. Phillips secured a 10-year fixed rate loan with one-year interest-only and a 25-year amortization schedule for the borrower. Largo is is a commercial mortgage banking company that structures, arranges and closes commercial mortgages for acquisitions, refinances and redevelopment projects for developers throughout the U.S. and Canada.