August 30, 2012
Ballston Spa, N.Y.—The Community Preservation Corporation (CPC) has closed on a $13 million Freddie Mac construction loan to refinance the recently completed Phase II of the Winner’s Circle at Saratoga apartment complex.
“It’s a really terrific property and terrific market as Saratoga County has grown over 20 percent in population in the past 20 years,” Christopher Hooke, CPC’s senior vice president and director of Freddie Mac and Fannie Mae Sales, tells MHN. “It’s exciting to see an older market break through.”
Winner’s Circle at Saratoga-Phase II is the second phase in the development of a 123-acre parcel that will consist of additional apartments when all phases are complete.
The complex in Phase II features 120 units with a choice of 15 different floor plans, consisting of 24 one-bedroom, 12 two-bedroom with one bath, 48 two-bedroom with two baths, and 36 three-bedroom apartments.
The borrower includes the father/son team of Thomas J. Samascott and Wayne Samascott. Thomas J. Samascott is President and owner of Malta Development Company, which has been a single-family home builder working exclusively in Saratoga County for the past 20 years.
“As the area continues to grow in popularity, this 12-building development, which features state-of-the-art housing, is a welcome component to this region,” Hooke says. “We are pleased to be working with the Samascott family on this high quality apartment complex.”
The units boast plenty of amenities including full size washer and dryers, private entrances, central air, gas fireplaces, high efficiency heating equipment and master suites with walk-in closets and patios.
“The property offers a clubhouse, pool table room for parties, direct garage access for all residents and a nice pond in the middle with a view of the Adirondacks for some great winter charm,” Hooke says. “In addition, Winner’s Circle offers an outdoor, in-ground swimming pool with a pool house and clubhouse fitness center.”
Hooke adds that Winner’s Circle at Saratoga is in close proximity to all points of interest in the Capital Region, including fine restaurants and shops in downtown and the famous Saratoga Race Track.
Phase Three is expected it be completed in 2013 but no end date was given for the entire project.
Winner’s Circle at Saratoga will be overseen by property management company, Diamond Realty Management.
CPC’s Freddie Mac loan refinanced an existing construction loan held by Berkshire Bank. The loan was originated under Freddie Mac’s Capital Markets Execution Program.