M&T Realty Capital Corporation®
announced today that it has closed a $51,195,000 Freddie Mac Optigo® Conventional loan for financing of The Elms at Arcola, a 248-unit apartment complex in Sterling, VA. The project developer is McLean, VA-based Elm Street Development, one of the largest privately-owned developers in the Washington-Baltimore area.
The Elms at Arcola offers one-, two-, and three-bedroom units for rent. Each unit features a kitchen with granite countertops, ENERGY STAR® stainless steel appliances, and full-sized washers and dryers. Property amenities include a resort-style pool with sundeck, a gym, a yoga room, cyber café, and a community garden. The property is located off Route 50 and Loudoun County Parkway, minutes from Dulles International Airport, the Blue Ridge Mountains and access to Washington, DC and Maryland.
The 10-year fixed-rate loan is structured with five years of interest-only payments, followed by a 30-year amortization. The transaction was led by Managing Directors Debra Goldstein and Matthew Hodson of M&T Realty Capital Corporation’s Falls Church, VA and Washington, DC offices, respectively.
“Matt and I are delighted to have been able to assist Elm Street with their permanent financing needs for this delightful new community,” Debra Goldstein adds. “Freddie Mac Optigo® loan programs provide long-term, non-recourse financing to experienced developers, with options for financing during lease-up or after the property has stabilized.”
About Elm Street Development
Since its founding in 1977, Elm Street has grown into one of the largest privately-owned developers in the region, specializing in the creation of planned communities, mixed-use developments, and apartment communities. Over the last four decades, Elm Street has created over 300 distinguished communities with more than 52,000 homes, over 4,500 apartments, and a portfolio of mixed-used developments. Find out more at www.elmstreetdev.com
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 Optigo® lender, an approved FHA/HUD MAP and LEAN lender, and also offer life insurance company and CMBS financing through correspondent relationships. In 2019, we originated $5.2 billion in loans, and currently service a $21 billion portfolio.
Equal Housing Lender. ©2020 M&T Realty Capital Corporation. 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.
All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.
Scott Graham Ashley Walker
Media Relations Marketing Manager