Commercial/Multifamily Briefs, Nov. 9, 2023
M&T Realty Capital, City First Bank Enter Agency Multifamily Correspondent Relationship
M&T Realty Capital Corp., Baltimore, and City First Bank, Washington, D.C., announced a correspondent relationship to provide City First borrowers with access to M&T RCC’s Fannie Mae DUS, Freddie Mac Optigo and FHA lending capabilities for conventional and affordable multifamily loans.
City First Bank is the largest Black-led Minority Depository Institution in the United States and serves many minority-owned developers and investors in multifamily housing who have historically been underserved in the market.
“We are very excited to enhance our relationship with City First by providing liquidity and financial solutions to their workforce and affordable housing customers. City First is deeply engaged in the affordable housing community and the ability to provide Fannie Mae, Freddie Mac and FHA lending will further their capability to support minority developers and investors,” said Michael Berman, Chief Executive Officer of M&T RCC.
NewPoint Launches Build-to-Rent Program
NewPoint Real Estate Capital, Plano, Texas, announced the launch of NewPoint BTR, a single-family build-to-rent financing program offering customized short-term bridge loans to real estate investors for purpose-built communities.
NewPoint said it can support a variety of executions, such as purchases or cash-out refinances, with targeted loan sizes of $10 million to $50 million.
The program offers full-term interest-only and 24-month or longer terms, with other options.
HUD Announces Trainings for CNA e-Tool
The Department of Housing and Urban Development has announced two new training seminars on the enhanced Capital Needs Assessment e-Tool for HUD Multifamily Lenders.
The two seminars are: Thursday, Nov. 9, 2023 at 3:00 PM Eastern and Monday, Nov. 13, 2023 at 3:00 PM Eastern. They are identical.
The training sessions will provide detailed information about improvements and enhancements to the tool in Release 3.2, which is scheduled to roll out in mid-November.
