
Tonawanda, NY Jack Phillips, principal of Largo Real Estate Advisors Inc. secured a $12.1 million permanent first mortgage to refinance the existing debt on a 307,000 s/f, light industrial warehouse.
The fully occupied building was constructed to modern standards featuring good column spacing, 36-ft. clear ceiling heights, 28 dock-high doors and two drive-in doors.
The site has visibility and is located proximate to several international bridge crossings and near the convergence of I-190 and I-290.
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,