The financing was provided by Freddie Mac, for which LMRES is anapproved seller/servicer. Legg Mason merged with Spectrum in July,providing Spectrum with direct access to Freddie Mac. But accordingto Stanley Sidel, senior vice president at LMRES/Spectrum, theFreddie Mac program had better rates and terms than anything elsein the marketplace. Sidel tells GlobeSt.com "we went into themarketplace and Freddie Mac was very competitive." Sidel along withLMRES/ Spectrum senior vice president, Joseph Hegenbart coordinatedthe 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 apartmentbuildings and 42 townhouse-style buildings.
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