
Dunkirk, NY Jack Phillips, principal at Largo Real Estate Advisors Inc., has successfully closing of a $13.1 million permanent first mortgage to refinance a modern 71,000 s/f industrial property.
This industrial asset benefits from its proximity to key transportation infrastructure. The property sits adjacent to a CSX rail line and offers convenient access to the New York State Thruway (I-90), making it an ideal location for distribution and logistics operations.
Largo’s ability to source capital through its extensive network of life insurance lenders helped ensure a smooth and efficient closing process.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,