Dealmaker: M&T Provides $45M for Boston Affordable Housing Development

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

M&T Realty Capital Corp., Baltimore, provided $44.8 million in financing for a mixed-income multifamily development in Boston.

The financing was originated by Matt Newton, managing director of M&T RCC’s Boston office.

The financing package includes a $6.34 million Freddie Mac unfunded forward commitment under the 9% Low-Income Housing Tax Credit program, a $19.17 million construction loan provided by Dan Feyock of M&T Bank, and a $19.29 million tax credit equity investment from Bob Nichols of M&T Bank, which includes both state LIHTC equity and federal energy credits.

The property is 247 Hancock, in the Dorchester neighborhood. The development will provide 47 apartments, of which 35 are affordable housing units. Fifteen of those will be supported by project-based vouchers.  

It is being developed by Arx Urban and Boston Communities with significant local and state support from the City of Boston and the Executive Office of Housing and Livable Communities.

It is expected to complete construction in early 2027, with permanent loan conversion anticipated later that year.