Dealmaker: Largo Group Arranges $76M for Indiana, New York Properties

The Largo Group of Cos., Buffalo, N.Y., secured $75.8 million for hotel and multifamily assets in Indiana and New York.

In Indiana, Largo Group Principal Perry Miceli and Managing Director Lori Tirado arranged $32.4 million in non-recourse financing for three Marriott and Hilton-branded hotels. The 10-year fixed-rate first mortgage included a 30-year amortization schedule.

The portfolio includes a 119-room Courtyard by Marriott and a 112-room Hilton Garden Inn in Evansville and an 83-room Residence Inn in Columbus.

The Evansville hotels are close to demand drivers Roberts Stadium, Casino Aztar and Mesker Zoo. The Columbus Residence Inn is near five golf courses and Edinburgh Premium Outlets.

Miceli also secured $15 million for two multifamily properties totaling 238 units in suburban Buffalo. The first property, a 125-unit community in Amherst, received a 10-year fixed-rate loan from a life insurance company. The second property, a 113-unit senior apartment community in Lackawanna, received a seven-year fixed-rate first mortgage with 30-year amortization through a Largo correspondent bank.

In Rochester, Largo Group Managing Director Kevin Heiss secured $28.4 million for a 336-unit multifamily community. He arranged a seven-year fixed-rate loan with 30-year amortization for the borrower through one of Largo’s correspondent lenders.