Legg Mason Arranges $11.1 Mill in Mortgage Financing in Mid-Hudson

ALBANY-Legg Mason Real Estate Services has arranged an $8.3 million first mortgage loan for the Colonial Hills and Colonial Village apartment complexes in Kingtson and the Colonial Manor apartment community in Poughkeepsie.

The deal with borrower Page Development was arranged through Greystone, a Fannie Mae program lender and was based on a 10-year term with a 30-year amortization schedule. The loan involves all three multifamily properties that total 250 units, according to N. Edward Tamer, vice president of Legg Mason’s Albany regional office.

Legg Mason also reports that it arranged a $2.8 million first mortgage loan for the Freedom Executive Park and Burnham Building in Poughkeepsie.