Saratoga Springs, NY Brian Sheldrick, managing director of The Largo Group of Companies, secured $5.75 million in financing for the Wise Building located at 60 Railroad Pl.
The Wise Building consists of over 45,500 s/f of class A office space leased to both national and local tenants. Located in the center of the Franklin Sq. sector of the city’s downtown business district, the Wise building is one block west of Broadway or Rte. 9, the city’s main commuter corridor.
Sheldrick arranged a 10-year, fixed rate permanent first mortgage with 25-year amortization.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,