Dealmaker: M&T RCC Closes $31.9M Bridge Loan for Connecticut Multifamily

(Image courtesy of M&T RCC)

M&T Realty Capital Corp., Baltimore, closed a $31.9 million bridge loan for a newly constructed multifamily community in New Haven, Conn.

The financing will support the property’s continued lease-up and stabilization while refinancing existing construction debt.

The M&T RCC bridge loan refinanced the property’s existing construction financing and will provide support through the final stages of stabilization.

The property–Estelle New Haven–was developed by Eight West, an affiliate of The Hakimian Organization, which has a long-term relationship with M&T RCC. The property is a seven-story mixed-use development with 96 residential units and 1,500 square feet of ground-floor retail space.

At closing of the transaction, the property had reached more than 50% residential occupancy despite only beginning the leasing process in July.

“This transaction represents exactly the type of relationship-driven financing that M&T RCC is built to provide,” said M&T RCC Senior Vice President Mike Casey, who originated the deal, with support from M&T RCC Production Analyst Colin Corsini. “Estelle New Haven is a best-in-class asset featuring exceptional architecture and design, developed by an experienced sponsorship group with a proven track record. We were able to deliver a financing solution that gives the borrower flexibility during lease-up while positioning the property for a successful transition to permanent financing.”