Dealmaker: M&T Bank, M&T RCC Arrange Over $10M for Vermont Affordable Redevelopment

(Image courtesy of M&T RCC)

M&T Realty Capital Corp., Baltimore, announced a $5 million Low-Income Housing Tax Credit equity investment in an affordable housing redevelopment in rural Vermont.

The investment is structured as a LIHTC equity commitment using 4% credits on a direct investment basis with M&T Bank, alongside a construction loan provided by Northfield Savings Bank.

M&T RCC also arranged a $5.6 million Fannie Mae M.TEB forward commitment. The project will also receive support from the Vermont Housing Finance Agency, HUD’s Green and Resilient Retrofit Program and the State of Vermont.

The Fannie Mae M.TEB forward commitment was led by Sean Cullen, M&T RCC Affordable Housing Platform Manager and the LIHTC financing was arranged by Bob Nichols, M&T Bank Senior Relationship Manager.

The project, dubbed the Chelsea Williamstown Apartments, involves the rehabilitation and adaptive reuse of two properties in Orange County, Vt., to total 61 rent-restricted units. Most will be adapted for senior residents, and the property will undergo in-place rehabilitation, ensuring minimal displacement while upgrading the buildings.

The project includes a green initiative that is expected to deliver 50% cost savings in energy usage.

Construction is expected to be completed by March 2026, and stabilized occupancy by May 2026.