BALTIMORE, MD - M&T Realty Capital Corporation® provided a $21,590,000 bridge loan for NB Affordable’s acquisition of a 337-unit affordable housing property located in Athens, OH. The firm purchased the asset for $24,500,000. At 85% LTC, the 2-year, adjustable-rate loan bridge loan is interest only.
The property, Campus Heights Apartments, is located conveniently near Ohio University and features a brand-new clubhouse, an Amazon Hub, and a pet-friendly environment. Campus Heights offers a variety of furnished studio, one-, two- and three-bedroom units for rent. Property amenities include a laundry facility, parking, fitness centers and study rooms. Unit amenities include individual leases, air conditioning, cable, Wi-Fi, and 24-hour emergency maintenance.
“It’s been a pleasure working with M&T Realty Capital on this transaction,” said Fredrick Schulman, CEO of NB Affordable. “The team was a pleasure to work with from the start of the deal all the way through the closing, making it a very seamless transaction. We are thrilled with the partnership we’ve established with their entire team and are looking forward to executing our goal of recapitalizing and preserving this aging affordable housing community for the low-income tenants,” Fredrick continued.
The transaction was arranged by Dov Lazarus of Copper Capital and led by Senior Managing Director Dan Lynch of M&T Realty Capital Corporation’s Baltimore, MD office. “The preservation of and access to affordable housing continues to be a critical need in many areas of the country. NB Affordable’s mission aligns with those needs and this property will help that critical need in Athens. We are pleased to have had the opportunity to not only grow our partnership with NB Affordable but also do our part in helping to preserve affordable housing units,” said Lynch.
M&T Realty Capital Corporation is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial real estate, including multifamily, healthcare facilities, office, industrial, retail, and student, senior, and military housing. For more information on financing opportunities, please call us at 1-800-737-2344 or request a loan quote.
Equal Housing Lender. NMLS #1024366. M&T Realty Capital Corporation is a wholly owned subsidiary of M&T Bank, Member FDIC. “DUS®” is a registered trademark of Fannie Mae. “Optigo®” is a registered trademark of Freddie Mac. All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.
About M&T Realty Capital Corporation (www.mtrcc.com): M&T Realty Capital Corporation is a wholly-owned subsidiary of M&T Bank Corporation—one of the 20 largest US-headquartered commercial bank holding companies. As a full-service mortgage banking company, it specializes in providing competitive financing nationwide for commercial real estate. It is a fully accredited Fannie Mae DUS® lender, a Freddie Mac Optigo® lender, an approved FHA/HUD MAP and LEAN lender, and offers life insurance company and CMBS financing through correspondent relationships. In addition to its M&T Bank offices, M&T RCC is also closely aligned with M&T commercial banking offices in Florida, Oregon, and Washington.