M&T Realty Capital Corporation announced today that it has closed a $10,052,000 Freddie Mac loan
for the permanent financing of Carmel Place
, a partially affordable micro-unit building located at 335 East 27th
Street. The project was developed by Monadnock Development LLC, an experienced New York developer with a focus on the creation of affordable and market-rate housing in the city. M&T Bank provided the construction financing for the project.
Carmel Place won the City of New York's adAPT NYC Request for Proposals, and is currently the only building of its kind in the city. The building was constructed modularly, with 55 studio apartments prefabricated in the Brooklyn Navy Yard and then driven over the Manhattan Bridge to the site for assembly. The finished apartments range in size from 260 to 360 square feet. Forty percent of the units are considered affordable, with a waiting list several thousand deep. The property is currently 100% leased.
The transaction was led by Michael Chavkin, Managing Director for M&T Realty Capital Corporation’s New York office. M&T Bank Commercial Banking Team Leader Joe Pizzutelli and Relationship Manager Douglas Tilley also collaborated on the transaction.
“We are extremely pleased to have been able to provide financing for this one-of-a-kind, partially affordable development,” says Michael Chavkin. “These micro-units were creatively designed to capitalize on the trend towards smaller units without having to relinquish some of the amenities typically found in larger or higher-end apartments.”
“Monadnock is committed to developing affordable and middle-income housing within and around New York City,” said Frank Dubinsky, Monadnock Development LLC. “The financing provided by M&T will help support future development like this project within the region.”
ABOUT MONADNOCK DEVELOPMENT LLC
Monadnock Development LLC is a leader in the creation of affordable and market-rate housing in New York. We serve a wide variety of New Yorkers by taking on complex projects that improve their neighborhoods. Combining development, construction, financial, and architectural expertise, our team has created thousands of units across the City. These include New York's first micro unit building in My Micro NY, entire new neighborhoods in Nehemiah Spring Creek, and New York's largest middle-income development in decades in Hunter's Point South. For more information, visit www.monadnockdevelopment.com
ABOUT M&T REALTY CAPITAL CORPORATION
M&T Realty Capital Corporation (www.mandtrcc.com
) is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial real estate. As a wholly-owned subsidiary of M&T Bank, we have direct access to commercial/multifamily mortgage capital markets, and are a fully accredited Fannie Mae DUS® lender, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans, and an approved FHA/HUD MAP and LEAN lender. In 2016, we originated more than $3.4 billion in loans, and currently service a portfolio in excess of $15 billion.
ABOUT M&T BANK
Founded in Buffalo, N.Y., in 1856, M&T Bank Corp. (www.mtb.com
) is one of the 20 largest U.S. bank holding companies, with more than 650 branch offices and 1,500 ATMs in Maryland, Washington D.C., Virginia, Pennsylvania, New York, West Virginia and Delaware.
Michael Chavkin Chet Bridger
Managing Director Media Relations
© 2017 M&T Bank, Member FDIC. Equal Housing Lender. “DUS®” is a registered trademark of Fannie Mae.
All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.