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Finance
Posted: December 11, 2008
Giacobbe of Largo Group arranged $1.8m first mortgage financing
Frank Giacobbe, account executive for the Largo Group of Cos., arranged a permanent first mortgage in the amount of $1.8 million to acquire an existing 199-unit self-storage facility. The subject features 24 hour key pad access, surveillance cameras and an 8 inch chain link fence around the perimeter, with unit sizes ranging from 50 s/f to 400 s/f. Built in 2002, the subject is situated on 2.2 acres of land. Giacobbe secured a 10 year fixed rate loan with a 25 year amortization schedule for the borrower.
The Largo Group is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects.
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The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
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