Phillips and Miceli of Largo finance $6.6 million for 104,369 s/f retail plaza

Jack Phillips and Perry Miceli of the Largo Group of Cos., arranged a permanent first mortgage to refinance the existing debt on a 104,369 s/f retail plaza located at 27 Slayton Ave. The borrower received a $6.6 million permanent first mortgage, which was structured as a 10-year fixed-rate deal with a rate reset after year 5 and a 25-year amortization schedule. The property is situated on 12.4 acres, and consists of seven retail buildings and one fuel kiosk. The center is currently 98% occupied and will be anchored by a 37,000 s/f Tops Market. Largo is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative financing structures for borrowers throughout the United States and Canada. They manage the loan process from loan application through closing and service the loan throughout its term.