Liverpool, NY Lori Tirado of Largo Group of Companies has secured $20.1 million for three hotels:
• A 10-year loan with 25-year amortization on behalf of the borrower for a 61-room Best Western Plus in Onondaga County. Tirado arranged a 10-year loan with 25-year amortization on behalf of the borrower;
• A 10-year, fixed rate loan with 30-year amortization for a 112-room Hilton Garden Inn in Ames, IO; and
• A 10-year, fixed rate permanent first mortgage with 20-year amortization through one of Largo’s correspondent life insurance companies for a 156-room Days Inn in College Park, GA.
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,