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Posted: October 4, 2016
Phillips of Largo secures $21 million financing for multifamily properties
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Largo.jpg" alt="Photo of Jack Phillips of Largo Group of Companies" width="180" height="225" /> Jack Phillips, Largo Group of Companies
Largo.jpg" alt="Photo of Jack Phillips of Largo Group of Companies" width="180" height="225" /> Jack Phillips, Largo Group of CompaniesBuffalo, NY Jack Phillips, managing director of The Largo Group of Companies, secured $21 million in financing for four multifamily properties:
• A permanent first mortgage to refinance the existing debt on a 131-unit apartment complex in Syracuse. Phillips arranged a 10-year, non-recourse, fixed rate loan through one of Largo’s correspondent banks.
• Financing for a 105-unit garden style community for seniors Amherst. Phillips secured a 5-year, non-recourse, fixed rate permanent first mortgage for the borrower through one of Largo’s correspondent banks.
• A 5-year permanent first mortgage with 30-year amortization to refinance the existing debt on a 66-unit multifamily property located in a suburb of Syracuse. Phillips arranged financing for the borrower through one of Largo’s correspondent banks.
• A permanent first mortgage to refinance the existing mortgage on a 60-unit apartment complex located in Kenmore, one of Buffalo’s major northern suburbs. Phillips arranged a 7-year, fixed rate loan 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 20 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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