M&T Realty Capital Corporation® recently placed a $144,000,000 permanent loan secured by a newly built, 312-unit luxury multifamily property developed by The Brodsky Organization. The 10-year interest only term rate locked 60-days prior to closing with a life-company relationship. John Taylor and Donna Falzarano of M&T Realty Capital’s NJ office led the transaction, in collaboration with Mike Edelman, Kyra Berzinis, and M&T Bank’s Andrea Wagonseller.
Plank Road Apartments, just steps from the Barclay Center, sets a new standard for luxury, convenience, and style in Brooklyn. Property amenities include a rooftop pool, state of the art fitness center, children’s playroom, grilling stations with lounge and terrace, and more. The property is located within the one-of-a-kind, 22-acre Pacific Park development in Brooklyn, NY, one of the most important public/private development initiatives underway in New York City today.
“We’re honored at the opportunity to have represented The Brodsky Organization for this execution. Our marketing efforts gave them numerous options to choose from. The parties to the deal worked expeditiously to lock rate and close in a challenging environment” said Falzarano.
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 offer life insurance company and CMBS financing through correspondent relationships.
About The Brodsky Organization
The Brodsky Organization is one of Manhattan's most established developers, owners, and managers of residential and commercial spaces in New York City.
The Brodsky Organization's relationship with its residents is the foundation of its success. Every element of building life is supported by a dedicated and attentive management team. The Brodsky Organization offers intelligently designed apartments, many with breathtaking views, located in some of the most desirable neighborhoods in Manhattan and Brooklyn.
The company has developed over 10,000 apartments in more than 85 rental, condominium and co-op buildings. The portfolio ranges from charming brownstones, to renovated pre-war doorman buildings, to newly constructed high-rises with extensive building amenities. The neighborhoods span from West and Greenwich Village to Chelsea, Midtown West to Morningside Heights, and Midtown East to Carnegie Hill and Downtown Brooklyn. For more information: https://brodsky.com/about