Dealmaker: M&T RCC Provides $21M Bridge Loan for Student Housing in Washington, D.C.

M&T Realty Capital Corp., Baltimore, closed a $21 million bridge loan for a multifamily property aimed at local students in Washington, D.C.

After an introduction from M&T Bank, M&T RCC utilized its proprietary bridge lending platform for the financing. The two-year interest-only loan will give the borrower the necessary time to execute on its business plan.

Dan Lynch, Senior Vice President, led the transaction with contributions from Joanie Wilson, Deputy Chief Credit Officer, and Connor Quigley, Vice President.

“M&T was able to provide liquidity in the market for this transitional multifamily asset via our proprietary bridge loan platform,” Lynch said.

The property–The Lanes at Union Market–features 110 units, including 95 market rate units and 15 inclusionary zoning units.

The property was built in 2022 and was acquired by HH Fund at a foreclosure auction in July 2024. It worked with local universities to repurpose the building from a conventional multifamily into student housing.

Currently, the tenants are approximately 50% local students; the property expects to house more in the future.

The first floor will include retail, including a UPS Inc. store.