M&T RCC announces large recent closings volume
- MAREJ
- Oct 28, 2020
- 1 min read
BALTIMORE, MD — M&T Realty Capital Corporation’s (RCC) Federal Housing Administration/Housing and Urban Development’s team announced its recent success, closing eight loans totaling $126 million in rate modifications and 232/223 (f) combined, amid the challenging times of the COVID-19 pandemic. The properties included seniors housing and healthcare facilities located throughout M&T Bank’s footprint and nationwide across. The transactions all closed during the height of the market volatility and uncertainty created by the COVID-19 pandemic. M&T RCC reacted swiftly to help many of its borrowers reduce their interest rates, generating substantial savings at a time when cash flow is more important than ever. In addition, M&T RCC also successfully navigated the COVID-19 environment to complete multiple in-process 232/223(f) transactions. The new HUD financings secured long-term, non-recourse, fixed rates below 2.75%. In one case, M&T RCC worked closing with HUD to mitigate a COVID-19 outbreak that occurred just after a Firm Commitment was issued.
