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LOWELL, MA-Delmont Gardens Trust nailed down $9.5 million in financing for Delmont Gardens, a luxury apartment community located on Delmont Avenue, Felker Street and Bernier Street. The permanent mortgage financing was arranged by Legg Mason Real Estate Services/Spectrum Financial.

According to Legg Mason Real Estate’s co-managers Joseph Hegenbart and Stanley Sidel, the financing was provided by Freddie Mac for which Legg Mason Real Estate is an approved seller/servicer. Robert Ranieri, senior vice president with Legg Mason Real Estate’s Greater Westchester, NY/CT Regional Office, cooperated with the Legg Mason Real Estate office on the project.

Hegenbart notes that because Delmont Gardens sought a 75% loan based on a conservative valuation, Freddie Mac was able to provide “the most competitive interest rate” which was locked at application.

Delmont Gardens is a 192-unit apartment community situated on an eight acre parcel of land located near Route 495. The complex, which is managed by Yvon Cormier Construction Corporation, is comprised of a mix of studio, one, and two bedroom units located in eight mid-rise apartment buildings.

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