Largo Real Estate arranges financing

CNY Business Journal (1996+), May 09, 2003 by Yunich, Rob

CLAY - Largo Real Estate Advisors, Inc., based in Buffalo, recently helped three Syracuse-area properties with financing.

The most recent, local transaction, which occurred in February, was firstmortgage financing for $12 million of. the newly constructed COR Center on Route 31 in Clay. Largo broker Jack Phillips arranged the deal and PPM Finance Company funded it, according to Largo public-relations representative Samantha Beadle. The 128,501-square-foot, retail center is anchored by Price Chopper and is less than one mile from Great Northern Mall. Home Depot, Bed, Bath, and Beyond, and Target also are nearby.

Largo also arranged the first-mortgage Financing of DeWitt Plaza (formerly called Ames Plaza), a 291,395-square-foot, retail center located at 3401 Erie Blvd. E. The shopping center includes a two-story office building, Toys "R" Us, Marshall's, Dollar Bazaar, Weight Watchers, M&T Bank, and Bed, Bath, and Beyond. A Delta Sonic Car Wash and K-Mart are adjacent to the plaza. Largo broker Gary J. Coscia arranged the financing for $6.75 million. The deal was funded by the PPM Finance Company, according to Beadle.

Finally, Nob Hill Apartments - a 761-unit, multi-family complex at 101 Lafayette Road in Syracuse - was refinanced for $14.8 million, according to Beadle. The complex, consisting of four buildings on 25 acres of land, was financed by the GE Financial Assurance Company and arranged by Largo broker Peri Miceli.

There are four types of apartments in the complex, according to the Apartment Renters Guide. These include a onebedroom, one-bath apartment (starting at $519 per month); a two-bedroom, onebath apartment ($656 and up); a twobedroom, one-and-one-half bathroom apartment ($701 and up); and a three-bedroom, two-bathroom apartment ($809 and up), according to www.therentersguide.com.