M&T Realty Capital Corporation® (M&T RCC) closed a $17.62 million Fannie Mae Multifamily Affordable Housing (MAH) refinance for The Christopher, a 207-unit supportive and affordable housing community located in Manhattan’s Chelsea neighborhood. The financing preserves long-term affordability at the historic former McBurney YMCA building, a landmark recognized as the inspiration for the Village People’s iconic song, “YMCA.”

Originally constructed in 1900 as the McBurney YMCA, the building was transformed into supportive housing by Breaking Ground, one of New York City’s leading nonprofit developers and providers of supportive housing. The property now offers 207 housing units, including apartments supported through Section 8 rental assistance and Low-Income Housing Tax Credit restrictions. It also includes a specialized Foyer program, operated with Good Shepherd Services, serving those who are formerly unhoused or aging out of foster care.

"Preserving supportive and affordable housing is critical to our efforts to ease the housing crisis and alleviate homelessness in New York City," said Brenda Rosen, President and CEO of Breaking Ground. "Since 2004, The Christopher has been a refuge and a lifeline for hundreds of New Yorkers who have built lives of dignity and security in apartments they call home. Thanks to our partners at M&T RCC and Fannie Mae, along with our New York City agency partners, this refinancing ensures that The Christopher continues to provide quality affordable housing for decades to come."

The new 30-year Fannie Mae loan strengthens the property's long-term financial stability and supports its mission of providing permanent housing opportunities for residents across a range of deeply affordable income levels. One hundred percent of the property's units are affordable to households earning at or below 60 percent of Area Median Income (AMI), with many units serving residents at significantly lower income bands. The transaction qualifies as 100 percent Mission-Driven Business under Fannie Mae's affordable housing framework.  Through its various agencies, the City of New York was instrumental in the financing by providing subordinate debt, Section 8 rental assistance and a real estate tax exemption.

"This transaction reflects the power of public-private partnerships to preserve housing that changes lives," said Sean Cullen, Head of Affordable Housing at M&T Realty Capital Corporation, "The Christopher is much more than a building—it is a nationally recognized example of how historic properties can be reimagined to address critical housing needs. We are proud to work alongside Breaking Ground and Fannie Mae to help ensure this important resource continues serving New Yorkers for decades to come."

The financing follows significant recent capital improvements completed at the property, including upgrades to building systems, accessibility enhancements, roof replacement, elevator modernization, life-safety systems, and other improvements designed to enhance resident experience and extend the useful life of the historic asset.

Located at 202 West 24th Street, The Christopher sits in the heart of Chelsea, providing residents with convenient access to transit, employment centers, healthcare services and community amenities.