The Largo Group, a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects, reports that it has arranged $95,712,500 in financing for the acquisition of a portfolio of grocery-anchored shopping centers totaling 1.1 million square feet.
The company did not divulge the identity of the borrower.
The loan was structured as a three-year deal with two extension options and an interest-only period. The shopping centers, located throughout the U.S., are leased to strong anchors including Publix, Kroger, Winn Dixie, Walmart, Cub Foods and Food Lion. They are located in strong primary and secondary markets including Minneapolis and St. Paul, Minn.; Charlotte, N.C.; Pensacola, Fla.; Atlanta; Huntsville, Ala.; and Washington, D.C., Largo reports.
Largo has relationships with 17 correspondent lenders and offers additional lending sources to the marketplace, which will benefit owners and developers of commercial properties providing alternative finance options. The company offers long-term, non-recourse financing at competitive fixed rates through its network of correspondent lenders.
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