Dealmaker: M&T Realty Capital Corp. Provides $43M for 3 N.Y. Properties

M&T Realty Capital Corp., Baltimore, closed three deals totaling $43 million for multifamily and office properties in upstate New York. 

Buffalo, N.Y. collateral photo
courtesy M&T RCC

Zach Casale, Managing Director in the firm’s Buffalo, N.Y. office, lead each of these transactions. With M&T Bank Commercial Senior Relationship Manager Justin Eveland, the pair closed a $30 million Fannie Mae conventional loan that refinanced a 256-unit property in Buffalo into a 15-year fixed-rate loan.

“This Class A asset was a perfect agency loan for our long-time bank customer where we replaced the previous construction loan debt with an attractive 15-year fixed rate through our partners at Fannie Mae,” Casale said.

Additionally, Casale and M&T Bank Commercial Associate Relationship Manager William Hoffman closed a $10.3 million Freddie Mac Optigo conventional acquisition loan for a 38-unit multifamily property with first-floor commercial space in Ithaca. The 10-year fixed-rate loan closed at 80 percent loan to value and an initial five-year interest-only period.

“Our first-time Freddie Mac borrowers were able to take advantage of Freddie Mac’s spread-lock offering and secure competitive loan-to-cost metrics on an asset that includes first floor commercial space in one of upstate New York’s most sought-after markets,” Casale said.

Leveraging M&T RCC’s Life Company platform, Casale and M&T Bank Commercial Senior Relationship Manager Eric Heffler provided a $2.7 million life company loan to refinance a multi-tenanted office property in Buffalo. The self-amortizing 15-year mortgage provided cash-out.