Sheldrick of Largo arranges construction and permanent financing

Brian Sheldrick, managing director for the Largo Group of Companies Albany Office, arranged construction and permanent financing for an Econo Lodge located along Frontage Rd. The proceeds of the loan were used to refinance the existing debt on the Econo Lodge, in addition to the construction and related soft costs of a 23 room expansion to the property. Currently, the hotel is limited-service and features 30 rooms. The loan was structured as a 5 year fixed rate deal with one rate reset, and a 20 year amortization schedule.