M&T Realty Capital Corporation®
announced today that it has closed a $68,800,000 Fannie Mae DUS® loan for the acquisition of Harborside Bay Marina. The 205-unit luxury apartment complex is located in Marina Del Ray, CA.
The transaction was led by Managing Director Daniel Lynch of M&T Realty Capital Corporation’s Baltimore, MD office. The 10-year, 3.19% fixed-rate loan is structured with five years of interest-only payments, followed by a 30-year amortization.
Harborside Bay Marina offers one- and two-bedroom luxury apartments for rent. Each of the units features a private balcony or patio, open floor plans and in-unit washer and dryer. Property amenities include a pool with a sundeck and barbecue, a marina with 229 boat slips, a fitness center, a rooftop lounge, covered parking, and a business center. The property is located near Venice Beach, Burton Chase Park and the Ballona Wetlands Ecological Reserve.
“We are very pleased to have had the opportunity to work on this complex transaction on behalf of the buyer. The turnkey property, subject to a ground lease with Los Angeles County, is not only luxurious, but also boasts spectacular views of the marina,” stated Daniel Lynch.
About M&T Realty Capital Corporation
M&T Realty Capital Corporation® (www.mtrcc.com
) is a wholly-owned subsidiary of M&T Bank—one of the 20 largest US-headquartered commercial bank holding companies. As a full-service mortgage banking company, we specialize in providing competitive financing nationwide for commercial real estate. We are a fully accredited Fannie Mae DUS® lender, a Freddie Mac OptigoSM
Lender, an approved FHA/HUD MAP and LEAN lender, and also offer life insurance company and CMBS financing through correspondent relationships. In 2018, we originated $4.9 billion in loans, and currently service a $20 billion portfolio.
Equal Housing Lender. © 2019 M&T Realty Capital Corporation. Member FDIC. NMLS #1024366.
“DUS®” is a registered trademark of Fannie Mae. “OptigoSM” and “Green Up®” are registered trademarks of Freddie Mac. All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.
M&T RCC Marketing Manager