Dealmaker: Largo Group of Cos. Secures $91M

The Largo Group of Cos., Buffalo, N.Y., secured $90.8 million for industrial, hotel and multifamily assets in New York and Michigan.

In Rochester, N.Y., Largo Principal Jack Phillips and Managing Director Kevin Heiss secured a $59 million permanent first mortgage to refinance existing debt on a 1.7-million-square-foot distribution/warehouse complex. The asset features 25-plus-foot clear heights and 152 interior loading docks with 360-degree turnaround for tractor trailers.

Phillips and Heiss arranged a 10-year non-recourse loan through a life insurance lender. 

The firm also secured a $15.6 million loan to refinance a 272-room hotel recently repositioned from a Radisson to a Delta by Marriott. Managing Director Lori Tirado said the property recently underwent an extensive renovation and opened on June 1 as a Marriott property. She arranged a three-year interest-only loan for the borrower.

Located in Romulus, Mich., southwest of Detroit, the property benefits from its location two miles north of Detroit Metropolitan Wayne County Airport.

Largo Group Principal Perry Miceli also arranged a total of $16.2 million in financing for four separate multifamily properties across western New York. The first property in Williamsville, has six buildings housing 55 apartment and single-story townhome units. A bank supplied the fixed-rate first mortgage.

The second property in Lockport,  consists of two apartment buildings with 56 units. Miceli negotiated a fixed-rate first mortgage through a life insurance company.

Miceli also arranged a permanent first mortgage to acquire a third apartment community in Buffalo, near Elmwood Avenue, home to some of the city’s most popular shops, bars and restaurants. He secured a long-term loan through a correspondent life insurance company.

The last property is a 38-unit apartment building in Buffalo suburb Orchard Park. The former school building subject property was completely renovated from 2016 to 2017 into studio, one- and two-bedroom apartments and two three-bedroom townhomes. Miceli arranged a fixed-rate loan to refinance existing debt into a life company financing.