Phillips of Largo Real Estate closes $3.85 million mortgage

Cheektowaga, NY Largo Real Estate Advisors has closed a $3.85 million permanent first mortgage on a newly constructed, high-visibility retail center. The financing, originated by Jack Phillips, includes a 10-year fixed-rate term, featuring one year of interest-only payments followed by a 25-year amortization. The lender utilizes Largo as its market correspondent for Upstate New York transactions.

Situated near the Walden Galleria retail corridor, the property benefits from a dense surrounding population and strong daily traffic counts, positioning it as a compelling location for both national and regional retailers. The 16,016 s/f center was fully pre-leased, reflecting continued tenant demand for well-located retail assets in the greater Buffalo market.

This permanent financing delivers efficient, long-term capital, providing the borrower with certainty and a streamlined capital structure. This transaction underscores Largo Capital’s expertise in delivering customized financing solutions aligned with asset quality, tenant strength, and underlying market fundamentals.