Dealmaker: M&T Realty Capital Corp. Provides $39M
M&T Realty Capital Corp., Baltimore, provided $39.1 million to refinance apartment communities in Connecticut and New York.
In Norwalk, Conn., MTRCC closed a $35 million Freddie Mac Optigo conventional loan to refinance The Platform Sono Station, a 122-unit community.
The Platform Sono Station offers studios, one-, two- and three-bedroom units. Each unit features an open floor plan, oversized windows, in-unit washer and dryer and stainless appliances. The property sits across the street from the South Norwalk station on the Metro-North Railroad’s New Haven Line and CTrail’s Shore Line East.
The 10-year fixed-rate loan included four years of interest-only payments followed by a 30-year amortization schedule. The transaction was led by Managing Director Dan Kerner of MTRCC’s Boston office, working with M&T Bank Commercial Senior Relationship Manager Chris Brighindi.
MTRCC also provided $4.1 million in Fannie Mae financing for a 93-unit multifamily community in western New York. The seven-year loan refinanced a 93-unit multifamily property in Niagara Falls, N.Y. It closed at a 4% rate and included three years of interest-only payments followed by a 30-year amortization schedule.
Zach Casale, Senior Vice President in MTRCC’s Buffalo office, said the transaction met Fannie Mae’s mission of providing affordable housing units, “and in-turn sponsors benefited from a significantly reduced interest rate spread,” he noted.