Chavkin and Burgos of M&T arrange $50 million Freddie Mac loan

Yaphank, NY M&T Realty Capital Corp. has closed a $50 million Freddie Mac loan for the permanent financing of The Reserve at the Boulevard, a 240-unit multifamily property located at 1 Reserve Dr. The project was developed by AVR Realty Co., a NY-based developer with a portfolio that includes office and retail space, apartments, and hotels. M&T Bank provided the prior construction financing for the project.

The Reserve at the Boulevard apartment complex represents Phase One of a sustainable mixed-use master planned community, The Meadows at Yaphank, which is being constructed on the site of the former Parr Meadows Race Track on Long Island. The project proposal includes a mix of residential, retail, office/flex, restaurants, and a hotel, with transportation access from either the Long Island Expressway or William Floyd Pwy.

The deal was led by Michael Chavkin, managing director for M&T Realty Capital Corp.’s NY office. M&T Bank senior relationship manager Celeste Burgos also collaborated on the deal.

“We are extremely pleased to have provided financing for Phase One of this unique project,” said Chavkin. “AVR is improving a formerly under-
developed area of Long Island, encouraging economic growth and offering a variety of new housing options to residents in this market.”

“AVR continues to excel in providing sustainable mixed-use projects to market,” said Lily Ann Marden, director of finance for AVR. “M&T provided both the construction and permanent financing for this project, offering a ‘one-stop’ financing experience. We appreciate their commitment to the revitalization of this neighborhood.”

The Reserve at the Boulevard offers one and two-bedroom apartments for rent, with a variety of amenities including open floor plans, high-end finishes, energy-efficient appliances, a community pool, a fitness center, a yoga room, a dog run, and a coffee bar. The complex is designed to “feel like a peaceful haven in the woods,” according to the property website.