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Brokerage
Posted: April 5, 2016
Phillips of Largo Group secures $46.3 million for three medical office properties
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5959 Big Tree Road - Orchard Park, NY
3980 A Sheridan Drive - Amherst, NY
Orchard Park, NY The Largo Group of Cos. secured $46.3 million in financing for three medical office properties located throughout Western N.Y. The transactions were negotiated by Jack Phillips, principal of Largo.
A permanent first mortgage was placed to refinance existing construction debt on a 115,000 s/f class A medical building located at 5959 Big Tree Rd. Phillips arranged a 10-year, non-recourse, fixed rate loan through one of Largos‚ correspondent lenders.
In addition, Phillips arranged a construction to permanent loan to construct a 27,175 s/f surgical center along Sheridan Dr. The subject will be a part of an 82,000 s/f medical office campus. Phillips secured a 10-year loan for the borrower.
Lastly, Phillips arranged financing for a 26,026 s/f, multi-tenant, class A medical office building. The property is located on Sheridan Dr. Phillips secured a 7-year, non-recourse, fixed rate permanent first mortgage for the borrower.
Largo arranges innovative commercial real estate 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. Largo has 17 correspondent relationships and offers additional lending sources, providing property owners and developers long-term, non-recourse commercial real estate financing at a competitive fixed rate.
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