Dealmaker: Largo Capital Arranges $33M for Industrial Assets

Largo Capital, Getzville, N.Y. arranged $32.8 million for industrial properties in New York, Connecticut and New Jersey.

Dave Carswell, Managing Director of Largo Capital’s Manhattan office, arranged the financing.

The first transaction, a $10 million permanent first mortgage, was secured by a 96,000-square-foot industrial building in Westbury, N.Y. Carswell negotiated a 2.65 percent fixed-rate loan with a 25-year amortization schedule.

The second transaction, a $2 million permanent first mortgage, refinanced a 40,000-square-foot property in Newburgh, N.Y. The property received a 15-year fixed-rate loan with a 25-year amortization.

Carswell said both life insurance company loans provided full cash-out to the borrowers.

In September, Carswell secured $20.8 million in financing for three industrial properties.

In Elizabeth, N.J., a 240,000-square-foot logistics facility received a $13.5 million interest-only bridge loan through a Largo correspondent lender. The financing allowed the existing tenant to trigger a right of first refusal offer and take control of its property.

The second property in Garfield, N.J., totals 75,657 square feet. It received a $5 million interest-only bridge loan. Prior to closing, the value-add acquisition required significant negotiations including the navigation of unknown pre-existing environmental conditions.

The third property, a 97,000-square-foot owner-occupied manufacturing and packaging facility in South Windsor, Conn., received a $2.3 million refinance. Carswell negotiated the 25-year self-amortizing loan through one of Largo’s correspondent life insurance lenders with a 3.0 percent interest rate fixed for the first five years.