Brooklyn, NY M&T Realty Capital Corporation has completed the closing of a $414.829 million Freddie Mac conventional loan for Brooklyn Crossing, an 858-unit multifamily housing property. The team was able to successfully secure favorable permanent financing terms for their client The Brodsky Organization.
Brooklyn Crossing, a luxury apartment building, is adjacent to the iconic Prospect Park and provides easy access to the cosmopolitan neighborhood’s art, culture, and restaurants. The property offers brand new studio- and one- to three-bedroom residences for rent. Property amenities include a screening room, colossal fitness center, a rooftop terrace and lounge, and an outdoor pool.
The transaction was led by Robert Barry, senior vice president, in M&T Realty Capital Corporation’s New York City office. Barry collaborated closely with Andrea Wagonseller, senior vice president, M&T Bank, who led the initial construction loan with a syndicate of lenders. Their partnership highlights M&T Bank’s full-service model and ability to offer both on and off-balance sheet solutions.
“M&T Realty Capital is excited to once again place financing for The Brodsky Organization and Greenland – best-in-class developers, owners and operators,” said Michael Edelman, M&T Realty Capital Corporation CEO. “With its unparalleled amenities and convenient access to multiple subway lines, Brooklyn Crossing has transformed the Prospect Heights neighborhood. Freddie Mac provided a very attractive 10-year, fixed-rate refinance commensurate with the significant number of affordable housing units this project supplied Brooklyn.”
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