Baltimore, MD — M&T Realty Capital Corporation has closed a $15,145,000 Fannie Mae loan for the refinance of an 80-unit, 55+ age restricted community located in St. Charles, IL. The transaction was worked in conjunction with Ziegler, a specialty investment bank headquartered in Chicago, IL.
The 10-year, sub-4.00% fixed-rate loan was structured with 5 years of interest only payments, followed by 30 years of amortization. The loan also carried a declining prepayment schedule, which will provide the borrower with additional flexibility in future years.
The community had an impressive occupancy history and was 98.8% occupied at the time of closing. Ownership has been investing significant capital in the project over the past several years to improve the community’s landscaping, HVAC systems and resident units upon turnover. The Fannie Mae loan also provided over $5,000/unit for future capital expenditures to ensure the community remains well positioned within the market for years to come.
The transaction was led by managing director, Steven Muth and seniors housing program manager Matthew Pipitone of M&T Realty Capital Corporation’s Richmond, VA and Baltimore, MD offices, respectively. Director Eric Johnson led the transaction for Ziegler from the company’s Denver, CO office.
M&T Realty Capital Corporation has been a Fannie Mae-approved Delegated Underwriting and Servicing (DUS) lender since 1989.
As a Fannie Mae DUS lender, M&T Realty Capital Corporation originates and services loans for apartment properties, including seniors housing, student housing, manufactured housing communities, cooperatives, and affordable housing.