Legg Mason Real Estate Services.Andrew Larew, vice president of Legg Mason Real Estate Services' (LMRES LMRES Legg Mason Real Estate Services ) Greater Westchester regional office, arranged a $6 million first mortgage loan for the New London Shopping Center in New London, CT. Financing was arranged by LMRES through its correspondent relationship with Sun Life Assurance Company. The property is a 200,000 square-foot shopping center located at Frontage Road and Colman Street. Major tenants in the shopping center include Burlington Coat Factory Burlington Coat Factory Warehouse Corporation is a national department store retailer focusing on clothing and shoes, with over 360 stores in 42 states (as of 2006). In early 2007, the first location to be opened in Canada will be at the Vaughan Mills mall in Toronto. , Staples and Adams Food Stores. Financing was based on a ten-year term with a 20-year amortization. In addition, Ernest DesRochers, senior vice president and regional manager, and Robert W. Ranieri, senior vice president of LMRES' Westchester, NY/CT regional office, arranged a $6 million first mortgage loan for Scott Gardens, a 275-unit apartment building located at 16-72 & 85-205 Stonefield Drive in Waterbury, CT. Financing was arranged by LMRES through its correspondent relationship with Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. , and was based on a 15-year term with a 30-year amortization. The borrowers, Scott Gardens, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and P.R. Scott, LLC were able to improve the value of the property through a substantial rehabilitation program using interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. . |
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