Phillips of Largo Real Estate Advisors arranges $8.575m first mortgage financing for 204,097 s/f retail plaza in Ithaca

Jack Phillips, principal for Largo Real Estate Advisors, Inc. arranged first mortgage financing in the amount of $8.575 million for a 204,097 s/f retail plaza located at 414 Elmira Rd. The property consists of a 115,907 s/f Home Depot, a 68,890 s/f Kohl's Department Store that is currently under construction with a target completion date of October, two individual outparcels, one consisting of 12,000 s/f, which is also under construction and scheduled to be completed in January 2008 for Foot Quarters and a 7,300 s/f retail space, occupied by Citizens Bank and Metro Mattress. Home Depot, Citizens Bank, and Metro Mattress are currently in occupancy and paying rent while Kohl's and Foot Quarters have executed their leases with the borrower and are waiting for the completion of their spaces in order to take occupancy. Pillips secured a 10-year fixed rate loan with a 30-year amortization schedule for the borrower. The plaza is less than two miles from Cornell University and Ithaca College. In a second transaction, Mike Lorigo, account executive for Largo Real Estate Advisors, Inc. arranged first mortgage financing in the amount of $2.175 million for a 17,000 s/f retail plaza located at 1100 Southwestern Blvd. in West Seneca. The property was built in 1999 and is currently 100% occupied with Wilson Farms (Tops Markets, Inc.), Seasonal Landscaping, Serenity Hair Salon, and Liberty Mutual Insurance Company as its main tenants. The plaza benefits from its residential surroundings and location near a major retail corridor. Lorigo secured a 10-year fixed rate loan with a 30-year amortization schedule for the borrower.