Terrace Estates Receives $22 Mil in Financing

PEABODY, MA-Terrace Estates, a luxury apartment complex located here on Shore Drive near Route 128, received $22 million in permanent mortgage financing. Legg Mason Real Estate Services/Spectrum Financial arranged the financing on behalf of the complex’s developer, The Terrace Realty Trust.

The financing was provided by Freddie Mac, for which LMRES is an approved seller/servicer. Legg Mason merged with Spectrum in July, providing Spectrum with direct access to Freddie Mac. But according to Stanley Sidel, senior vice president at LMRES/Spectrum, the Freddie Mac program had better rates and terms than anything else in the marketplace. Sidel tells GlobeSt.com “we went into the marketplace and Freddie Mac was very competitive.” Sidel along with LMRES/ Spectrum senior vice president, Joseph Hegenbart coordinated the deal.

The 521-unit apartment complex, managed by Berman & Sons, Inc., sits on a 34-acre parcel and is comprised of a mix of one-, two- and three-bedroom units located in 33 garden-style apartment buildings and 42 townhouse-style buildings.