News & Transactions

M&T Bank and M&T Realty Capital Corporation Provide $37.7 Million in Financing to RPM Development for an Affordable Housing Property in New Jersey
8/12/2021
M&T Bank and M&T Realty Capital Corporation® provided financing to RPM Development Group for a 72-unit, 9% LIHTC property in Newark, NJ.

 This project demonstrates M&T’s ability to provide clients with a ‘one-stop shop’ for their Low-Income Housing Tax Credit financing needs. Leveraging the range of M&T’s product offerings, RPM was able to partner with one bank to complete the full loan process rather than having to seek out multiple lenders. M&T delivered construction financing, permanent financing, and tax credit equity for the project.

Of the $37,706,684 in total financing, M&T Bank provided a $16,600,000 Construction Loan and $13,027,684 in LIHTC Equity through RBC Community Investments. M&T Realty Capital Corporation provided a forward commitment for a Freddie Mac 9% LIHTC permanent loan for $8,079,000.

The transaction was led by Senior Relationship Manager, Michael Saraco of the M&T Bank’s Princeton, NJ office; Senior Relationship Manager, Mike Pizzuto of the bank’s Buffalo, NY office; and Affordable Housing Program Manager Jeff Rodman of M&T Realty Capital Corporation’s Plano, TX office.

 Founded in 1986, RPM is one of the leading developers of affordable housing in New Jersey. RPM brings all aspects of the affordable housing development process under one roof, with expertise in development, construction, leasing, and property management. To date, RPM has developed over 4,500 units of affordable, mixed-income, and market rate housing across the State. RPM’s work has included new construction on underutilized land, the adaptive reuse of industrial properties, the restoration of historic buildings, and multi-phase initiatives to increase affordable housing options in urban and suburban communities. RPM takes great pride in our commitment to green building, with over 30 buildings achieving LEED Platinum certification as well as the State’s first multi-family passive house building.

M&T Realty Capital Corporation is a Freddie Mac OptigoSM Lender for Conventional and Seniors Housing Loans, and is authorized to originate multifamily loans to be sold to Freddie Mac and service multifamily loans on behalf of Freddie Mac.

Under the Freddie Mac OptigoSM program, M&T Realty Capital Corporation originates and services loans for apartment properties, including market-rate properties, seniors housing, assisted living, student housing, cooperatives, and certain affordable housing projects.  

For specific loan information on this program, please call us at 1-800-737-2344 or request a loan quote.

All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.

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