X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOWELL, MA-Delmont Gardens Trust secured $9.5 million in financing for Delmont Gardens, a 192-unit luxury apartment community located on Delmont Avenue, Felker and Bernier streets.

Joseph Hegenbart and Stanley Sidel, co-managers at Legg Mason Real Estate Services/Spectrum Financial arranged the permanent mortgage financing. The loan was provided by Freddie Mac for which Legg Mason Real Estate Services is an approved Seller/Servicer. Robert Ranieri, senior vice president with Legg Mason Real Estate Services’ Greater Westchester, NY/CT Regional Office, cooperated with the Legg Mason Real Estate Services /Spectrum office on the project.

Hegenbart attributes the mortgage’s competitive interest rate to the fact that Delmont Gardens Trust sought a 75% loan based on a conservative valuation.

The development is situated on an 8.14 acre parcel near Routes 495 and 38 and is comprised of a mix of studio, one- and two-bedroom units located in eight mid-rise apartment buildings.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.