BALTIMORE, MD - M&T Realty Capital Corporation® has arranged a $41,250,000 life insurance company portfolio loan for the refinance of a 6-property ~500-unit multifamily property located across Buffalo, NY. The 20-yr loan term was amortized over 30-yrs and provided the borrower with a low 4% rate and structured with limited recourse.
The transaction was led by Senior Vice President Zach Casale of M&T Realty Capital Corporation’s Buffalo, NY office. “Through one of our correspondent life company lenders, we were able to refinance a sizeable multifamily portfolio that ensured long-term rate security and significant cash-out proceeds for our borrower.”
Additionally, Casale also closed a $11.6MM and $7.4MM Fannie Mae loan for the refinance of a 270-unit multifamily portfolio located in Lewiston, NY. Financed through Fannie Mae’s Streamlined Rate Lock program; both loans were structured as full-term interest-only loans for a period of 7-yrs and low 4% interest rates. “These two assets were perfect candidates for Fannie Mae’s SRL program. With sponsors operating both complexes since they were built 30+ years ago,” said Casale. “We were able to leverage their long-time ownership and utilize our partners at Fannie’s Mae’s SRL program to lock their interest rate early on in their refinance process. Both loans received full-term interest only periods for 7-yrs and required no ongoing replacement reserves and/or escrow accounts,” he continued.
M&T Realty Capital Corporation works with a broad network of institutional and life insurance companies to provide mortgage financing for commercial income-producing properties. For specific loan information on this program, please call us at 1-800-737-2344.
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. For specific loan information on this program, please call us at 1-800-737-2344.