M&T Realty Capital Corporation® (M&T RCC) recently represented Douglas Development with the placement of a $119.5 million financing for Seneca One in Downtown Buffalo, NY. M&T RCC’s team was led by Zach Casale and Donna Falzarano, who facilitated first mortgage and mezzanine terms for the Washington, D.C. based developer.

The 40-story tower is a premier mixed-use property featuring more than 800,000 square feet of Class A office space, approximately 70,000 square feet of ground-floor retail and 115 luxury residential units, complemented by on-site and adjacent structured parking and a robust amenity offering designed to support a modern work-live environment.

Seneca One serves as home to the M&T Tech Hub and supports a workforce of more than 2,000 employees, with M&T Bank and Highmark Health occupying a significant portion of the building. The refinance provides long-term capital stability for one of the region’s most transformative assets and underscores continued investor confidence in well-located, institutional-quality office properties.

M&T RCC acted as capital advisor on the transaction, structuring a comprehensive financing solution tailored to the sponsor’s long-term objectives. The refinance included a senior mortgage and subordinate financing components placed with institutional capital partners, resulting in a balanced capital stack designed to support the continued evolution of Seneca One.

Norman Jemal, Senior Managing Principal at Douglas Development and a longstanding client of M&T Bank, said, “We are grateful to M&T Bank for their partnership and confidence in completing this $119.5 million financing for Seneca One. This transaction reflects strong institutional belief in both the asset and the long-term trajectory of the upstate New York market. This refinance allows us to continue investing in leasing and operations in efforts that will further strengthen Downtown Buffalo, support job growth and reinforce the tower’s role as a positive economic anchor for the greater region.”

The closing followed an extensive marketing and structuring process that spanned multiple market cycles and required close coordination among the borrower, lenders and advisory teams, culminating in a successful execution amid a dynamic capital markets environment.

“Seneca One is an iconic asset, and we’re honored to support Douglas Development’s transformative redevelopment of Upstate New York’s tallest commercial building,” said M&T RCC Senior Vice President Zach Casale. “This financing underscores the strength of the sponsorship, the property’s quality and diversification, and our ability to structure debt that positions the project for long‑term success.”