Phillips of Largo Group of Cos. arranges $7.375 million for Woodlands Senior Village

Jack Phillips, principal for the Largo Group of Companies, arranged $7.375 million to refinance the existing debt on Woodlands Senior Village. The loan carries a 10 year term and 30 year amortization, and was financed through one of Largo's correspondent lenders. This non-recourse loan has a sub 6% fixed rate and was underwritten to a 75% loan to value. Wood­lands Senior Village was built in 2009 and is 100% occupied by seniors 55 years of age and older. The property consists of two buildings totaling 110 units and features both one and two bedroom units. The complex has garages available for rent, fully applianced kitchens, a library/lounge, community room, exercise room, com­munity laundry, personal patios and interior mail and rubbish rooms. The property is located less than a mile northeast of Niagara Falls Blvd., the area's largest commercial corridor. Along Niagara Falls Blvd. there are numerous retail developments including the Boulevard Mall and various anchored shopping plazas. The owner of this property is involved with all facets of commercial real estate including development, as­set management and construction. For their residential development they have maintained a strict focus on senior housing. The Largo Group of Companies is a commercial mortgage banking company that structures, closes and servic­es commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative financing structures for borrowers throughout the United States and Canada. We manage the loan process from loan application through closing and service the loan throughout its term.