Dealmaker: Largo Group Secures $43M

The Largo Group of Cos., Getzville, N.Y., secured $43.2 million in financing for multifamily, industrial, office and mixed-use properties in New York, Idaho and Ontario, Canada.  

Suburban Buffalo Seniors Housing Community
Courtesy of The Largo Group of Cos.

Largo Principal Jack Phillips arranged a $12.1 million agency loan for an independent seniors housing community in a Buffalo, N.Y. suburb. The $12.1 million non-recourse loan provided a 15-year fixed rate with a 30-year amortization schedule.

Phillips also arranged permanent financing for a 55,000-square-foot single-tenant industrial warehouse building near Buffalo. The 10-year, $4.6 million loan carried no prepayment premium.

In Smithtown, N.Y., Largo Managing Director Dave Carswell secured permanent financing for an 11,000-square-foot single-tenant medical office property. A life company lender provided a $2.4 million cash-out refinance on a non-recourse basis with a 25-year amortization schedule. Carswell arranged the 12-year fixed-rate loan to be coterminous with the tenant’s lease term.

Largo also secured a $12.4 million construction loan for an eight-story mixed-use development in Boise, Idaho. Vice President Ned Perlman arranged the non-recourse 72 percent loan-to-cost financing with 18 months of interest-only payments.

In Toronto, Largo Managing Director Kevin Heiss secured an $11.7 million acquisition and development loan for a to-be-built office/industrial property. When complete, the 1.3-acre site will house a flex office/industrial building.