Dealmaker: M&T RCC Closes $65.8M Loan in New Jersey

(Image courtesy of M&T RCC)

M&T Realty Capital Corp., Baltimore, announced it closed a $65,750,000 Fannie Mae Loan for a multifamily property in Union, N.J.

M&T RCC’s client is an affiliate of the Inland Real Estate Group of Cos. The property, called Summit Court, includes 393 units, with 42 dedicated affordable units under the N.J. Urban Renewal Exchange. It benefits from a 30-year PILOT and a Deed Restriction for Affordable Housing.

Chad Musgrove, Senior Vice President, led the transaction with contributions from Wayne Elibero, Deal Manager, and Tovah Bakstran, Associate Deal Manager.

“This transaction underscores the close partnership between M&T Bank and M&T RCC, demonstrating our ability to meet the needs of institutional borrowers by providing balance sheet solutions coupled with agency execution,” M&T RCC said. “The fixed-rate loan reflects our commitment to delivering flexible financing options.”