BALTIMORE, April 3, 2024 /PRNewswire/ -- M&T Realty
Capital Corporation® is pleased to announce the closing of a
$414,829,000 Freddie Mac conventional
loan for Brooklyn Crossing, an 858-unit multifamily housing
property located in Brooklyn, NY.
The team was able to successfully secure favorable permanent
financing terms for their client The Brodsky Organization.
Brooklyn Crossing, a luxury apartment building, is adjacent to
the iconic Prospect Park and provides easy access to the
cosmopolitan neighborhood's art, culture, and restaurants. The
property offers brand new studio- and one- to three-bedroom
residences for rent. Property amenities include a screening room,
colossal fitness center, a rooftop terrace and lounge, and an
outdoor pool.
The transaction was led by Robert
Barry, Senior Vice President, in M&T Realty Capital
Corporation's New York City
office. Barry collaborated closely with Andrea Wagonseller, Senior Vice President,
M&T Bank, who led the initial construction loan with a
syndicate of lenders. Their partnership highlights M&T Bank's
full-service model and ability to offer both on and off-balance
sheet solutions. "M&T Realty Capital is excited to once again
place financing for The Brodsky Organization and Greenland – best-in-class developers, owners
and operators," said Michael
Edelman, M&T Realty Capital Corporation Chief Executive
Officer. "With its unparalleled amenities and convenient access to
multiple subway lines, Brooklyn Crossing has transformed the
Prospect Heights neighborhood.
Freddie Mac provided a very attractive 10-year, fixed-rate
refinance commensurate with the significant number of affordable
housing units this project supplied Brooklyn."
To learn more about M&T RCC and our comprehensive lending
options visit www.mtrcc.com.
About M&T Realty Capital Corporation
M&T
Realty Capital Corporation® (www.mtrcc.com) is a wholly-owned
subsidiary of M&T Bank (NYSE: MTB) – the principal banking
subsidiary of the M&T Bank Corporation, one of the top 15
U.S.-based commercial bank holding companies. M&T Realty
Capital Corporation specializes in providing competitive financing
nationwide for multifamily properties, commercial income
properties, and healthcare facilities. M&T RCC 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.
Equal Housing Lender. ©2024 M&T
Realty Capital Corporation. Member FDIC. 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.
Media Contact:
Imani Green
267-201-5647
igreen@mtb.com
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SOURCE M&T Bank