The deal was put together cooperatively by Robert Ranieri, senior vice president in Legg Mason Real Estate Services' regional office in Purchase, NY, and Martin Klebanoff, who holds the same title in the firm's regional office in Parsippany, NJ.
The financing, which was based on a 25-year term with a 25-year amortization schedule, was arranged by LMRES through the firm's correspondent relationship with Freddie Mac, according to Ranieri. The loan was refinanced under the Freddie Mac Streamlined Refinance Program, which reduces costs and required documentation.
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