WELLSMITH APARTMENTS
M&T Realty Capital Corporation Provides $68.9 Million in Financing for a Multifamily Property in Virginia
M&T Realty Capital Corporation® has closed a $68,977,000 Freddie Mac Optigo® lease-up loan for the construction takeout of a 349-unit multifamily property located in Richmond, VA.
At 55.49% LTV, the 11-year, fixed-rate loan is structured with 5 years of interest only payments.
The transaction was led by Senior Vice President Debra Goldstein of M&T Realty Capital Corporation’s Washington, DC office, in collaboration with Chelsea Carroll of M&T Bank’s Richmond, VA office.
“Working with a top-quality repeat sponsor and asset, this financing provided us the opportunity to be creative. The property was only 50% occupied when we started the process and has a partial real estate tax abatement that won’t go into effect until the second loan year,” stated M&T Realty Capital Corporation’s Debra Goldstein.
“With the property’s strong leasing trajectory, we were able to clear the market, creating a competitive lending process. We worked with Freddie Mac to utilize their Lease-Up program with minimal structure and risk to the borrower. In addition, the borrower was able to obtain full benefit of the abatement at closing,” added Debra Goldstein.
M&T Realty Capital Corporation is a Freddie Mac Optigo® Lender for and Seniors Housing Loans, and is authorized to originate multifamily loans to be sold to Freddie Mac and service multifamily loans on behalf of Freddie Mac.
M&T Realty Capital Corporation is a Freddie Mac OptigoSM Lender for Conventional and Seniors Housing Loans, and is authorized to originate multifamily loans to be sold to Freddie Mac and service multifamily loans on behalf of Freddie Mac.Under the Freddie Mac OptigoSM program, M&T Realty Capital Corporation originates and services loans for apartment properties, including market-rate properties, seniors housing, assisted living, student housing, cooperatives, and certain affordable housing projects.
