M&T Realty Capital Corporation Provides $414.83 Million for a Multifamily Housing Property in Brooklyn, New York

BY PR Newswire | AGENCY | 04/03/24 08:30 AM EDT

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 (MTB), who led the initial construction loan with a syndicate of lenders. Their partnership highlights M&T Bank's (MTB) 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 ? the principal banking subsidiary of the M&T Bank Corporation (MTB), 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 (MTB). 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

M&T RCC Logo (Small) (PRNewsfoto/M&T Bank Corporation)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mt-realty-capital-corporation-provides-414-83-million-for-a-multifamily-housing-property-in-brooklyn-new-york-302106797.html

SOURCE M&T Bank (MTB)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article