Joseph Hegenbart and Stanley Sidel, co-managers at Legg MasonReal Estate Services/Spectrum Financial arranged the permanentmortgage financing. The loan was provided by Freddie Mac for whichLegg Mason Real Estate Services is an approved Seller/Servicer.Robert Ranieri, senior vice president with Legg Mason Real EstateServices' Greater Westchester, NY/CT Regional Office, cooperatedwith the Legg Mason Real Estate Services /Spectrum office on theproject.
Hegenbart attributes the mortgage's competitive interest rate tothe fact that Delmont Gardens Trust sought a 75% loan based on aconservative valuation.
The development is situated on an 8.14 acre parcel near Routes495 and 38 and is comprised of a mix of studio, one- andtwo-bedroom units located in eight mid-rise apartmentbuildings.
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