M&T Realty Capital Corporation®
announced today that it has closed a $15,700,000 Fannie Mae Multifamily Affordable Housing loan for the permanent financing of Logo Apartments —a 73-unit affordable housing portfolio located in the Roxbury and Dorchester neighborhoods of Boston, MA—on behalf of Avanath Capital Management.
The 10-year, fixed-rate loan is structured with interest only payments for life of the loan and a flexible prepayment option. The transaction was led by Managing Director Matthew Hodson of M&T Realty Capital Corporation’s Falls Church, VA.
“Avanath’s desire to preserve affordable housing was very apparent on this transaction. The loan was financed in conjunction with a new 20-year HAP contract, further preserving the affordability in these high-cost neighborhoods, and Avanath has a large post-acquisition renovation budget. As a result, these properties will get the care they deserve, and the rents will stay affordable for the foreseeable future,” says Hodson.
Logo Apartments offers one-, two-, three-, four-, five-bedroom apartments spread throughout nine buildings that are all within eight blocks of each other. Unit amenities include cable television and internet, air conditioning, hardwood flooring and vinyl tile, stainless steel kitchen sink, gas-range stoves with vent hoods and laminate bathroom counters.
Property amenities include common laundry room urban landscaping, close proximity to local colleges, universities and Quincy Adams Train Station.
Avanath’s portfolio encompasses more than 11,000 units across the U.S. with a focus on affordable and workforce housing. The firm places an emphasis on improving its properties both physically and through social programming. It plans to implement its effective improvement strategy at Logo Apartments, which includes upgrades to the major systems, upgrading units as needed, accessibility upgrades, and other capital expenditure to improve the condition and limit future deferred maintenance.
“We were pleased to work with M&T Realty Capital Corporation to finance the acquisition of Logo Apartments at such favorable terms,” says Keith Harris, Executive Vice President of acquisitions for Avanath Capital Management. “Logo Apartments will be Avanath’s second acquisition in the Boston metro, a market with rising economic growth and a growing need for affordable housing. This fits well into our investment strategy of operating high-quality affordable properties in growing markets across the country,” says Harris.
About Avanath Capital Management, LLC
Founded in 2007 by Daryl J. Carter and a core management group, Avanath is an investment firm that acquires, owns, renovates, and operates affordable, workforce, and value-oriented apartment communities across the U.S. Avanath partners with institutional investors – both domestically and internationally – to deliver quality housing in major metropolitan and suburban markets. A primary focus of Avanath’s mission is to provide hard working families higher quality, well maintained, and safe value rental housing – a base for their pursuit of the American Dream. Avanath invests not only in brick and mortar but in on-site services, amenities and activities that add value to properties and bring their residents’ desired lifestyles within reach. The firm owns and operates 10,000 apartments throughout the U.S. worth nearly $1.7 billion – most of which are renovated affordable units. More information is available at https://www.avanath.com/
M&T Realty Capital Corporation has been a Fannie Mae-approved Delegated Underwriting and Servicing (DUS®) lender since 1989.
As a Fannie Mae DUS® lender, M&T Realty Capital Corporation originates and services loans for apartment properties, including seniors housing, student housing, manufactured housing communities, cooperatives, and affordable housing.
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.