M&T Realty Capital provides $38.71 million for 103-unit Long Island City property

Long Island City, NY M&T Realty Capital Corp. provided $38.71 million in financing for 103-unit New York property.

12 of the subjects units are restricted to 130% AMI and 19 of the units are restricted to 80%.

The loan type was Freddie Mac TAH. The loan was from a referral from Dan Feyock within M&T Bank CRE, existing M&T client.

The Davis Companies, SB Development, and Hazelton Capital Group are the loan sponsors. 

The loan transaction was led by Alex Lynch of The Davis Companies.

The loan originators were Matt Newton and Todd Trehubenko, M&T RCC Loan Originations – Boston office

Alex Lync, vice president, debt capital markets The Davis Cos. said, “Despite market conditions and continued rate volatility, we were able to land a great execution with the help and guidance of the M&T team. This was a seamless transaction that further deepens our existing relationship with the bank.”

Newton said, “By working closely with the sponsors and Freddie Mac’s Targeted Affordable Housing group in this challenging interest rate environment, we were able to execute on a timeline that fit the needs of the sponsors business plan for this Opportunity Zone project. The dedication from all parties was crucial in getting this deal across the finish line. We are thrilled that we could be a part preserving much needed affordable housing in this high-cost market.”