Business Services Industry
Mason Real Estate Services'
Real Estate Weekly, March 1, 2000
Martin Kiebanoff, senior vice president and regional manager of Legg Mason Real Estate Services' (LMRES) Northern New Jersey Regional office, and Robert W. Ranieri, senior vice president of LMRES' Westchester, NY/ CT regional office, arranged a $15.4 million first mortgage loan for three apartment complexes located in Hamilton, NJ. Financing was arranged by LMRES through its correspondent relationship with Freddie Mac.
The portfolio consists of Winding Brook Apartments, Hamilton Arms Apartments and the Yorkshire Apartments, and contains a total of 630 units. According to Klebanoff and Ranieri, "The borrower was able to maximize proceeds with Freddie Mac's 80 percent non-recourse Loan to Value Program. This streamlined refinance of a Freddie Mac loan produced increased proceeds, a lower interest rate and extended amortization schedules, as well as closing cost savings to the borrower."
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