Phillips of Largo arranges $25 million refinance; for 1.755 million s/f distribution and warehouse facility

Jack Phillips, principal for the Largo Group of Cos., arranged $25 million through one of Largo's correspondent life insurance companies, to refinance the existing debt on a 1.755 million s/f distribution/warehouse facility. The property is located at 1600 Lexington, and was part of the Kodak distribution facility until it was purchased by the borrower in 2008. At the time of the acquisition, the building was primarily vacant; however, during the past 36 months, the borrower has leased over 1.3 million s/f of space.