Phillips of Largo Real Estate arranges <br>$6.3m first mortgage

Buffalo, NY Jack Phillips, principal at Largo Real Estate Advisors, Inc., has secured a $6.3 million permanent first mortgage to refinance two multi-tenanted industrial buildings. Both are located near the Buffalo Niagara International Airport and I-90 within an established industrial/flex park.

The loan was placed with one of Largo’s correspondent life insurance company lenders. In a rising interest rate environment, the lender was able to lock rate at application, taking the interest rate risk off the table. Largo will service the loan as a part of its $4 billion servicing portfolio.