Dealmaker: M&T RCC Provides $76.2M for Portfolio in Four States

(The GoodHomes property in Detroit, courtesy of M&T RCC)

M&T Realty Capital Corp., Baltimore, closed a $76.2 million bridge loan for the GoodHomes Portfolio, encompassing five properties in four locations–Detroit; Fayetteville, N.C.; Groton, Conn.; and Warwick, R.I.

The GoodHomes Portfolio is a workforce housing project led by GoodHomes Communities in partnership with PILOT Real Estate Group. The properties are all former hotels that have been converted into multifamily housing, totaling 886 residential units and nine commercial spaces.

The bridge loan will refinance existing first lien debt and preferred equity, providing the sponsor with the capital needed to complete lease-up and stabilization across the portfolio. Four of the five properties benefit from local tax abatement programs, with rents restricted to a percentage of Area Median Income, reinforcing the sponsor’s commitment to workforce housing.

“The GoodHomes team has demonstrated a strong vision and execution capability, and we’re proud to support their efforts to bring high-quality, affordable housing to diverse markets,” said Robert Barry, senior vice president at M&T RCC, who originated the loan in partnership with Connor Preece and David DeVito of M&T Bank. “Our bridge platform is nationwide and able to facilitate value-add and lease up transactions.”