Dealmaker: Largo Capital Secures $40M for Industrial, Multifamily
Largo Capital, Buffalo, N.Y., arranged $39.6 million for industrial and multifamily assets in Florida, Delaware and Ontario.
Neal Colligan, Principal in Largo Capital’s Philadelphia office, arranged $19 million acquisition financing for an eight-property, multi-tenanted industrial portfolio in Jacksonville, Fla. The borrower was offered multiple quotes from various financing sources before accepting a transaction from a regional bank. The deal featured a five-year fixed rate, an interest-only period and additional funding for tenant improvements and capital expenditure funds.
Colligan also arranged a $13 million loan for a multifamily asset in Newark, Del. Using one of Largo’s correspondent life company lenders, he negotiated a 15-year fixed-rate loan with a 30-year amortization schedule. The loan allowed the owners to refinance their existing debt at a competitive rate without recourse.
In Toronto, Ont., Largo Capital Vice President of Originations Kevin Ross arranged $7.6 million in acquisition financing for a 29-unit apartment building in Toronto’s Yonge and Lawrence neighborhood. Ross negotiated a two-year interest-only loan using a Canadian investment management firm.