VIRGINIA/MASSACHUSETTS — M&T Realty Capital Corporation announced that it has closed $23.976 million in Fannie Mae MAH loans for the refinance of three affordable housing properties purchased by New York developer Related Companies, ensuring that hundreds of Americans will have access to affordable housing for another 20 years.
The first property – Ashley Oaks Apartments in Richmond, VA – contains 250 Section 8 assisted living units.
The second property – Newman Village in Richmond, VA – contains 99 Section 8 assisted living units. Both properties are secured with 10-year fixed-rate loans. The third property – Centennial Island Apartments in Lowell, MA – contains 118 Section 8 assisted living units, and is secured with a 10-year fixed-rate loan.
The transaction was led by managing directors John Taylor and Matt Hodson of M&T Realty Capital Corporation’s Florham Park, NJ and Falls Church, VA offices, respectively, for Related Affordable, a division of Related Companies. Commercial banking team leader George Doerre and senior commercial real estate relationship manager Brian Sherlock of M&T Bank’s New York City office also collaborated on the transaction.
“We are very pleased to have been able to provide financing for 476 affordable living units within the M&T footprint,” John Taylor said. “Related is a market leader in affordable housing, and they continue to place a high priority on developing, acquiring and preserving housing for this sector.”
“For more than 40 years, Related has been committed to developing and preserving affordable housing in communities throughout the United States,” said Matthew Finkle, president of Related Affordable.