Dealmaker: M&T Realty Capital Corp. Announces Two Transactions in New York

(Brooklyn Crossing, courtesy of M&T Realty Capital Corp.)

M&T Realty Capital Corp., Baltimore, announced two loans in New York State.

One, a $414.83 million Freddie Mac conventional loan, was for Brooklyn Crossing, a multifamily property located in Brooklyn, N.Y. The client was The Brodsky Organization.

Brooklyn Crossing has 858 total units and is adjacent to popular Prospect Park.

The transaction was led by Robert Barry, Senior Vice President, in M&T Realty Capital Corp.’s New York City office. Barry collaborated closely with Andrea Wagonseller, Senior Vice President, M&T Bank, who led the initial construction loan with a syndicate of lenders.

“Freddie Mac provided a very attractive 10-year, fixed-rate refinance commensurate with the significant number of affordable housing units this project supplied Brooklyn,” said Michael Edelman, M&T Realty Capital Corp. Chief Executive Officer.

The other was an $18 million Freddie Mac conventional loan for Air Buffalo, a multifamily housing property in Amherst, N.Y. The client for that transaction was DMG Investments.

This transaction was also led by Barry, who collaborated with the team at DMG Investments to navigate the student housing market and secure favorable permanent financing terms.

Air Buffalo is adjacent to the University at Buffalo North Campus, with 154 total units.