Largo arranges $5 million in refinancing for two car wash properties in FL

Leesburg & Jacksonville, FL Dave Carswell, managing director at the Largo Group of Companies, secured $5 million in refinancing for two car wash properties. 

The borrower, an entity to be formed, is seeking two separate permanent first mortgages secured by two (2) car washes purchased for $13.25 million all cash. The proceeds shall be used to recoup a portion of the sponsor’s equity. The sponsor is a high net worth individual with over three decades of experience owning and operating commercial properties throughout the United States.

Both properties were recently built in 2019 and 2020 and have since signed absolute net leases with an average remaining lease term of 19 years. The borrower is seeking a low leverage mortgage with a five (5) year term length.