Dealmaker: M&T Realty Capital Corp. Provides $24M For Office Properties

M&T Realty Capital Corp., Baltimore, placed two loans totaling $24.3 million on two Long Island office assets.   

MTRCC Senior Managing Director John Taylor and Senior Vice President Donna Falzarano placed permanent loans secured by 510 Broadhollow Road and 175 Pinelawn Road in Melville, N.Y. A life company correspondent lender financed the debt on both.

510 Broadhollow Road, Melville, N.Y.

Michael McCarthy, Head of M&T Bank’s Commercial Real Estate Group for the Long Island market, originally provided sponsor Fairfield Properties, Melville, with short-term acquisition financing and after a successful renovation program, both office buildings quickly achieved stabilization, paving the way for M&T RCC to offer the long-term permanent refinance.

Built in 1983 and renovated last year, 510 Broadhollow Road is a 75,789-square-foot multi-tenant office building. More than 60% of the rentable area went under lease in the last 18 months and today it is over 90% occupied by medical, financial and engineering service providers.

Built in 1990, 175 Pinelawn Road is a 105,426-square-foot multi-tenant asset. The property underwent a complete gut renovation that started in 2020 and it is now well over 90% leased, higher than the sub-market average.