Phillips of Largo Group places five-year loan for Raleigh home community

Jack Phillips, principal for The Largo Group of Companies, arranged a permanent first mortgage to refinance the existing debt on a manufactured home community. The loan was structured as a five-year fixed deal with a 30-year amortization schedule. The borrower acquired the property with 210 pads occupied and has increased the amount of homes to 260 with eight more pads available. The community is situated in a park-like setting located on 80 acres of land complete with playgrounds, walking paths, lakes and ponds. The subject is located two miles outside the Interstate 440 loop that services the city of Raleigh and the surrounding suburbs. A Super Wal-Mart, Kroger and a number of other retailers and restaurants are all located within a quarter mile of the subject property, along New Bern Ave.