Sarasota finance firm lends funds for purchase of Clearwater offices

Largo Capital, a Sarasota based commercial real estate financial firm, arranged nearly $3 million in acquisition financing for the recent purchase of a Clearwater office complex.

The $2.79 million loan is for the Myrtle Executive Center just outside the city’s downtown.

The buyer is an LLC managed by the Belleair Bluffs-based real estate investment firm Mavryk Capital Management. It paid $4.3 million of the complex, according to Pinellas County property records.

The financing, Largo Capital says in a statement, was structured as a self-amortizing 25-year loan with flexible three-year reset periods. This gives the borrower locked-in permanent financing and the option to exit or refinance at each reset.

The firm says the lender, which was not named, did not require windstorm coverage.

Myrtle Executive is a 38,492-square-foot, three-building office complex at 1225-1243 S. Myrtle Ave. Largo says the property is 97% leased “with a diversified tenant base anchored by a national health care provider on a long-term lease through 2031.”

(The anchor tenant is OptumCare.)

Largo’s Ian Fitzgerald arranged the financing on the deal. 

Largo Capital was founded in 1989 and has done $45 billion in total production, according to its website. In addition to its Sarasota headquarters, the firm has offices in Miami and Tampa as well as Winter Park and Mount Dora. It also has three New York offices, a Philadelphia office and one office each in Toronto and Montreal.