X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALBANY-Legg Mason Real Estate Services has arranged an $8.3 million first mortgage loan for the Colonial Hills and Colonial Village apartment complexes in Kingtson and the Colonial Manor apartment community in Poughkeepsie.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.