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Brokerage
Posted: May 9, 2011
Sheldrick of Largo negotiates $8.5 million loan for 224-unit apartment property
Brian Sheldrick, managing director for the Largo Group of Companies' Albany office, arranged $8.5 million in financing for Brooksedge Apartments.
The purpose of the loan was to refinance the existing debt on the property; the permanent first mortgage holds a 10-year fixed-rate on a 30-year amortization schedule. The property features 224 units and is currently 92% occupied.
The property's amenities include: central heating and air, 24 hour emergency maintenance and courtesy officer, full size washer and dryer connections, fully equipped modern kitchens, and a sparkling resort style pool with sunbathing deck. The property is situated in a suburban setting within immediate proximity to Interstate 70 and Interstate 270.
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