M&T Realty Capital Corporation® (M&T RCC) announces the closing of a $50 million Freddie Mac loan for The Alyn, a premier 56-unit luxury multifamily rental building located at 152 East 87th Street in Manhattan’s Carnegie Hill neighborhood. The borrower, an affiliate of Gordon Property Group, is a New York-based family office that for three generations, has owned and operated a diverse real estate portfolio in and around New York City.
The refinance opportunity was highly competitive, with M&T RCC emerging as the lender among a field of life companies and debt funds. Freddie Mac provided a competitively priced fixed-rate loan. This transaction highlights Freddie Mac’s ability to compete in the Class-A apartment space.
Gordon Property Group was introduced to M&T through an existing client of Connor Preece, Group Manager at M&T Bank. Connor then connected the borrower with Robert Barry, Senior Vice President, of M&T RCC to explore off balance sheet financing options.
“Our integrated approach and deep understanding of the NYC multifamily market allowed us to deliver a tailored financing solution that met the client’s long-term goals,” said Barry. “This deal and structure show that agency financing can be competitive for Class A assets, in strong multifamily markets, for strong borrowers.”
M&T Realty Capital Corporation® 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.
Gordon Property Group is a family-owned real estate development, investment and management firm with a diverse array of properties in and around New York City. For over 60 years, the Gordon family has operated with a long-term perspective, focused on thoughtful growth and exacting standards for both the management and enhancement of its existing properties.
