Dealmaker: M&T Realty Capital Corp. Provides $23M Cash-Out Refinance in Pennsylvania

(Image courtesy of M&T Realty Capital Corp.)

M&T Realty Capital Corp., Baltimore, announced the closing of a $23.2 million Freddie Mac floating-rate refinance for DLP Kutztown, an apartment community in Maxatawny Township in eastern Pennsylvania.

The Freddie Mac floating rate refinance provided approximately $8.3 million in cash-out proceeds and ongoing flexibility for the borrower. 

M&T RCC Senior Closing and Delivery Officer Nancy McGrade was instrumental in ensuring the seamless closing process and same-day rate lock. The transaction was originated directly by M&T RCC Senior Vice Presidents Mike Casey and Tyler Dickson, who worked closely with DLP Capital to meet the borrower’s requirements.

The DLP Capital team was led by CEO Don Wenner, Juan Dominguez Head of Real Estate Management, and Director of Debt placement Harshit Shihara.

DLP Capital acquired the property in July 2021 as a distressed student housing asset. The firm has invested in unit improvements and operational enhancements while repositioning it for standard market rate use.

The transaction marks the start of a new partnership between M&T RCC and DLP Capital.