192-Unit Project Gets $9.5M in Financing

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.