ALBANY, N.Y. -- A property owner has pleaded guilty to third-degree arson for setting fire to an apartment building he owned after falling behind on mortgage payments.

According to the Albany County District Attorney's office, Kerry Bennett, 28, of Cohoes started a fire on the back porch of 243 Sherman Street in Albany in the early morning hours of June 7. The fire also caused damage to 241 Sherman Street, which Bennett also owns.

The DA said he then filed fraudulent claims with his insurance company for the damage.

Under the terms of the plea bargain, Bennett faces to 2 1/3 to 7 years in prison and restitution. Sentencing is scheduled for Jan. 5.