The deal with borrower Page Development was arranged through Greystone, a Fannie Mae program lender and was based on a 10-year term with a 30-year amortization schedule. The loan involves all three multifamily properties that total 250 units, according to N. Edward Tamer, vice president of Legg Mason's Albany regional office.
Legg Mason also reports that it arranged a $2.8 million first mortgage loan for the Freedom Executive Park and Burnham Building in Poughkeepsie.
The Freedom Executive Park is a 36,018 sf office building, while the Burnham Building is an industrial property that contains 31,920 sf of space. Legg Mason arranged financing for the borrower, Page Eight LLC through its relationship with UBS Warburg.
"This transaction was unique because UBS Warburg was able to collateralize its loan through security provided by two distinctly different property types -- an industrial building and a multi-tenant office building," Tamer says. The deal was also based on a 10-year term with a 30-year amortization schedule. The two major tenants at the Poughkeepsie properties are Alcoa Aluminum and the LaGrange Town Library.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
