M&T Bank and M&T Realty Capital Corporation®
have announced today that they have provided a total of $32,775,000 in capital to a development team led by Mark Carbone for the acquisition & rehabilitation of Greenwood Apartments, a 123-unit affordable apartment building in Lake Placid, NY and Donald E. Smith Apartments, a 50-unit affordable apartment building in Tupper Lake, NY.
Greenwood Apartments offers 122 one-bedroom and 1 two-bedroom affordable units for rent. Property amenities include controlled building access, laundry center, library, elevator, surveillance cameras, professional on-site management, 24-hour maintenance, intercom system, and is handicap accessible. Greenwood Apartments property is located conveniently for neighborhood services, walking distance to stores, restaurants, banks and local school. It is also easily accessed by public transportation. M&T provided $8.2 Million in LIHTC Equity through Redstone Equity Partners and $17.3 Million through Freddie Mac’s Tax-Exempt Loan product for this property.
“With the assistance of Jeff Rodman and his experienced investment banking team at M&T Bank and M&T Realty Capital Corporation and also with the assistance of Redstone Equity Partners, we were able to navigate the currently challenging interest rate environment and close both LIHTC acquisition/rehabilitation transactions in a timely manner. Both properties have a strong historical presence in their respective communities. Greenwood Apartments was originally built in 1979 to house Olympic athletes in Lake Placid, New York. Shortly thereafter, Greenwood was repositioned as a Section 8 housing development for the elderly. DE Smith Apartments was originally constructed in 1980 in the historic upstate New York Community of Tupper Lake. We look forward to the extensive renovation of both properties in order to improve living conditions and strengthen relationships within each community,” said Freddie Mac Sponsor Mark Carbone.
Donald E. Smith Apartments offers one-bedroom affordable units for rent. Unit amenities include fully equipped kitchens and wall to wall carpeting. Property amenities include controlled building access, coin-operated laundry center, library, elevator, beauty salon, professional on-site management, 24-hour maintenance, intercom system, and is handicap accessible. The property is within walking distance to churches, shopping, restaurants, doctor’s offices, and outdoor activities. Donald E. Smith Apartments property is also located close to the Wild Center Museum and Adirondack Mountains, which is the largest National Historic Landmark, “Home of the lumberjack”. M&T provided $2.2 Million in LIHTC Equity through Redstone Equity Partners and $4.8 Million through Freddie Mac’s Tax-Exempt Loan product for this property.
These tax-exempt bond transactions were led by Affordable Housing Program Manager Jeff Rodman of M&T Realty Capital Corporation’s Plano, TX office, in collaboration with Commercial Senior Relationship Manager Michael Pizzuto.
“In the face of rising construction costs and rising interest rates, Mr. Carbone was able to keep these deals together and is now on his way to preserving an additional 173 units of much needed affordable housing in the upstate New York area”, said M&T Realty Capital Corporation’s Affordable Housing Program Manager Jeff Rodman.
About Mark Carbone
Mr. Carbone is a repeat Freddie Mac Sponsor and is an experienced owner/operator, having personally owned multifamily assets for many years. Mr. Carbone is the former Key Principal of Related Affordable and Executive Vice President of The Related Companies, Inc. Throughout his career, Mr. Carbone has been involved in over 80 LIHTC/HAP rehab transactions. Mr. Carbone personally owns 30 multifamily affordable properties, including value-add, ground-up construction, and affordable housing transactions.