M&T Realty Capital Corporation® (M&T RCC) announced the closing of a bridge loan to finance Morgan Properties' acquisition and repositioning of The Ridge Apartments, a 360-unit multifamily community which spans across 12 residential buildings located in Merrillville, Indiana. The financing will support the acquisition as well as a comprehensive capital improvement program designed to enhance the property's appeal and long-term performance.

The transaction represents M&T RCC's first Bridge-to-Placement (B2P) financing with Morgan Properties and further expands a longstanding relationship that began in 2012. Morgan Properties, headquartered in Conshohocken, Pennsylvania, is among the nation's largest multifamily owners and operators, with more than 110,000 apartment units across 22 states.

The financing was structured as a bridge loan with an extension option and is expected to facilitate the property's transition to permanent agency financing upon stabilization. Morgan Properties plans to invest in interior and exterior upgrades, including enhancements to property amenities, building systems, common areas and smart-home technology installations in assets.

"Our financing of The Ridge Apartments demonstrates M&T RCC's ability to deliver tailored capital solutions for some of the most sophisticated multifamily owners in the country," said Steve McGuire, Head of M&T RCC Multifamily Bridge Platform. "Morgan Properties has built an exceptional track record of acquiring, improving and operating apartment communities at scale. We are proud to support their continued growth and value-add strategy through our bridge program and look forward to building on a relationship that has already spanned more than a decade. As multifamily owners continue to navigate an evolving market, M&T RCC remains committed to providing the expertise, certainty of execution and flexible financing solutions they need to achieve their business objectives."