Dealmaker: M&T Realty Capital Corp. Arranges $34M

M&T Realty Capital Corp., Baltimore, arranged $34 million in financing for multifamily and industrial assets in New Jersey and New York.

Lumber House Apartments.
Photo credit: M&T RCC

In Jersey City, N.J., M&T RCC arranged $21.5 million secured by Lumber House apartments, a 46-unit mid-rise apartment community. Located adjacent to Riverview Park within walking distance of the Hudson-Bergen Light Rail System’s 2nd and 9th Street Stations, Lumber House leased up in less than 60 days from its September 2021 completion.

M&T RCC placed the non-recourse loan with a local bank. The transaction was led by Senior Managing Director John Taylor and Managing Director Donna Falzarano of M&T Realty Capital Corporation’s Florham Park, N.J. office in collaboration with M&T Bank Commercial Senior Relationship Manager Colleen Foy.

Deer Park, N.Y. industrial property.
Photo credit: M&T RCC

Taylor and Falzarano also arranged a $12.5 million permanent loan placed through one of M&T RCC’s life insurance correspondent lenders. The security for the cash-out refinance was an owner-occupied, 104,844-square-foot industrial development in Deer Park, N.Y.

“Our client was able to lock an aggressive, non-recourse long-term fixed rate at time of application, a very attractive feature offered by most of our life company correspondent lenders,” Taylor said.