WASHINGTON, DC-M&T Realty Capital Corp. recently closed a $146 million permanent Fannie Mae loan for Flats 130 at Constitution Square. Managed by Bozzuto, Flats 130 is a 440-unit high-rise apartment building with ground floor retail in the NoMA submarket. Stonebridge Carras and an affiliate of Walton Street Capital are the project sponsors.
M&T Realty Capital Corp. Managing Director Tim Weldon worked on the deal, in conjunction with M&T Bank's Commercial Real Estate loan officer Mark Negus. M&T Realty Capital has been a Fannie Mae-approved Delegated Underwriting and Servicing (DUS) lender.
This is among M&T Realty Capital's largest loans to date, Weldon tells GlobeSt.com. M&T Realty Capital, though, has always had an outsized presence in the multifamily space, Weldon says. For June, M&T Realty Capital posted a banner month, he adds.
M&T Realty Capital continues to see activity even as fluctuating interest rate concern some of the industry. "We are having the interest rate conversation with people, but the fact is, the business and the deals are still out there."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
