Dealmaker: M&T Realty Capital Corp. Closes $219M for Multifamily

M&T Realty Capital Corp., Baltimore, closed a $62.4 million Freddie Mac conventional loan for The Elms at Shannon’s Glen, a recently constructed 364-unit apartment community in Jessup, Md. 

The project developer is Elm Street Development, McLean, Va.

The new 12-year loan, which included eight years of interest-only payments followed by a 30-year amortization schedule, takes out M&T Bank’s prior construction financing.

Located just west of the Baltimore-Washington Parkway near National Business Park and the National Security Agency, The Elms at Shannon’s Glen includes one-, two- and three-bedroom units.

The transaction was led by M&T Realty Capital Managing Directors Matthew Hodson and Debra Goldstein. M&T Bank Senior Commercial Real Estate Relationship Manager LeVar Crooms collaborated.

Goldstein noted Freddie Mac Multifamily loan programs provide long-term, non-recourse financing to experienced developers, “whether during lease-up or after full occupancy has been obtained.”

M&T Realty Capital also closed a Fannie Mae credit facility totaling $135.7 million that refinanced an 1,100-unit multifamily portfolio with properties in Sacramento, Calif. and Kent, Wash. The 10-year, 4.32 percent fixed-rate loan included full-term interest-only payments.

The transaction team was led by Managing Director Dan Lynch.

In New York, M&T Realty Capital closed a $21 million Freddie Mac loan that refinanced a 105-unit apartment property in Albany suburb Colonie, N.Y. The 10-year, 4.61 percent fixed-rate loan at 75 percent loan to value included two years of interest-only payments followed by a 30-year amortization schedule.

M&T Realty Capital Managing Director Michael Edelman and Associate Relationship Manager Kevin Healy of M&T Bank’s Albany office arranged the loan. Edelman also serves as the firm’s Agency Program Manager.