M&T Realty Capital Corporation Provides $78 Million in Financing for newly built Multifamily Property in South Amboy
BALTIMORE, MD - John Taylor and Donna Falzarano of M&T Realty Capital Corporation® recently placed a $78,000,000 permanent loan secured by Station Bay Apartments, a newly built, 291-unit luxury waterfront multifamily property developed by BNE Real Estate Group of Livingston, NJ. Shawn Field of M&T Bank provided the construction loan on behalf of BNE. The financing was placed with a long-term life company relationship that offered a significant interest-only period at a very attractive fixed interest rate. M&T Realty Capital began marketing the opportunity very early in the leasing process and identified the life company lender that was able to offer great terms with flexibility around occupancy requirements at closing.
Station Bay is a best-in-class luxury development located along the Raritan Bay in South Amboy, NJ. Completed in late 2021, Station Bay offers multiple entertainment lounges, co-working space and meeting rooms, a fitness center with yoga and spin studios and a multi-sport simulator.
The list of amenities is a long one, and goes on to include a swimming pool with private cabanas, an arcade and game lounge, theatre, indoor and outdoor bars, BBQs, etc. The property is within walking distance of the South Amboy NJ Transit rail station and adjacent to the future NY Waterway ferry station that is fully approved and will offer one of the fastest, most convenient and desirable commutes of any of the northern NJ shore towns.
“BNE is a valued long-term relationship of M&T Bank and M&T Realty Capital. As one of the most prolific and highly regarded privately-owned real estate developers in NJ, we’re honored and grateful to bring such an outstanding opportunity to the market on behalf of BNE” said Taylor.
M&T Realty Capital Corporation works with a broad network of institutional and and life insurance company investors to provide mortgage financing for commercial income-producing properties—office, industrial, retail, and hotel (on an exception basis)—as well as for multifamily properties. For specific loan information on this program, please call us at 1-800-737-2344 or request a loan quote.