Joseph Hegenbart and Stanley Sidel senior vice presidents with Legg Mason Real Estate Services/Spectrum Financial, and Robert Ranieri, senior vice president with the company's Greater Westchester, NY/CT regional office, cooperated on the project. The financing was provided by Freddie Mac for which Legg Mason is an approved seller/servicer.
In a released statement, Legg Mason emphasizes that it was able to close the deal with Freddie Mac in a "creative manner" that filled the client's needs "while delivering an extremely competitive interest rate that was fixed at the time of application." Sidel tells GlobeSt.com that the owner of the properties is an undisclosed investor.
Presidential Estates, which is located off Route 3A, is a 275-unit apartment complex located in 13 two- and three-story buildings. Among its features are a clubhouse, swimming pool, and tennis courts. Millwood Apartments, which is located on Haverhill Street near Routes 95 and 1, is a 99-unit apartment complex composed of three garden-style brick buildings.
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