M&T Realty Capital Corporation (M&T RCC) is pleased to announce the closing of a $23,274,000 Freddie Mac floating-rate refinance for DLP Kutztown, a 184-unit garden-style apartment community in Maxatawny Township, PA. This milestone transaction not only marks the start of a new partnership between M&T RCC and DLP Capital but also demonstrates M&T RCC’s ability to deliver for its clients by rate-locking and closing the loan on the same day. The DLP Capital team was led on this refinance by CEO Don Wenner, Juan Dominguez Head of Real Estate Management and Director of Debt placement Harshit Shihara.

DLP Capital acquired the property in July 2021 as a distressed student housing asset during the COVID-19 pandemic. Since acquisition, DLP Capital has executed a comprehensive business plan by investing in unit improvements and operational enhancements while repositioning the property to standard market rate use. The Freddie Mac floating rate refinance provides approximately $8.3 million in cash-out proceeds and ongoing flexibility for the borrower.  

M&T RCC Senior Closing and Delivery Officer Nancy McGrade was instrumental in ensuring the seamless closing process and same-day rate lock. The transaction was originated directly by M&T RCC Senior Vice Presidents Mike Casey and Tyler Dickson, who worked closely with DLP Capital to meet the borrower’s requirements.

“We’re excited to announce the successful refinance of DLP Kutztown with M&T Bank, resulting in an $8.3 million cash-out” said Don Wenner of DLP Capital. “This transaction underscores our growing presence in the Pennsylvania market and reflects the strong performance of our portfolio. Most importantly, it enables us to return meaningful equity to our investors while continuing to build long-term value.”