Dealmaker: M&T RCC Closes $38.7M Loan for New York City Property

(Image courtesy of M&T RCC)

M&T Realty Capital Corp., Baltimore, provided $38.71 million in financing via a Freddie Mac Targeted Affordable Housing loan for a property in Long Island City, Queens, New York.

M&T RCC’s Matt Newton and Todd Trehubenko originated the loan on behalf of The Davis Cos., SB Development and Hazelton Capital Group. The transaction was led by Alex Lynch of the Davis Cos.

“By working closely with the sponsors and Freddie Mac’s Targeted Affordable Housing group in this challenging interest rate environment, we were able to execute on a timeline that fit the needs of the sponsors’ business plan for this Opportunity Zone project,” Newton said. “The dedication from all parties was crucial in getting this deal across the finish line. We are thrilled that we could be a part preserving much needed affordable housing in this high-cost market.”

The property will include 103 units, with 12 of the units restricted to tenants earning 130% of the area median income and 19 restricted to those earning 80%.