M&T Realty Capital Corporation announced today that it has closed $74,100,000 in Fannie Mae loans for the refinance of eleven manufactured housing communities located in upstate New York, retiring the credit facility led by M&T Bank that financed the initial acquisition of the properties.
The 2,391-unit portfolio is owned and operated by Horizon Land Company and Federal Capital Partners®
via a joint venture arrangement. All of the properties in the portfolio are secured with 10-year, 3.38% floating-rate loans. The loans are structured with five years of interest-only payments, followed by 30-year amortizations.
The transaction was led by Managing Director Carole Stafford of M&T Realty Capital Corporation’s Baltimore office, in collaboration with Senior Commercial Real Estate Relationship Manager Jeffrey Prather of M&T Bank’s Washington, DC office.
“We are very pleased to have been able to provide financing for this portfolio,” Carole Stafford, Vice President and Managing Director, M&T Realty Capital Corporation stated. “Horizon and Federal Capital Partners are leaders in owning and operating MHC housing in the eastern US, which offers a more affordable solution for many renters in the markets they serve.”
“For more than 10 years, Horizon has been committed to creating and maintaining affordable, clean, and desirable manufactured housing neighborhoods located in generally high cost of living locations,” said Drew Odabashian, CIO of Horizon Land Co. “The financing provided by M&T ensures that we will be able to provide economical housing options for thousands of people in upstate New York for many years to come. Our portfolio of nearly 10,000 pads across 52 different properties located in many of the eastern U.S. markets reflects our strong investment in the business.”
ABOUT HORIZON LAND COMPANY
Horizon Land Co., LLC is an experienced owner-operator of Manufactured Housing Communities. Formed in February of 2006, Horizon acquired its first community in January 2007, and currently operates 56 communities across 9 states, comprising nearly 10,000 rentable sites. Through its hands-on ownership and operation of its communities, Horizon has developed and perfected property management systems geared toward establishing and maintaining affordable, clean, safe, and peaceful neighborhoods for its residents. For more information, visit horizonlandco.com
ABOUT FEDERAL CAPITAL PARTNERS
Federal Capital Partners®
is a privately held real estate investment company that has invested in or financed more than $5.0 billion in assets since its founding in 1999. The company owns and operates in excess of $2.3 billion in assets, and invests with best-in-class operating partners through joint venture equity investments and mezzanine loans. For more information, visit www.fcpdc.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 $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.
Carole Stafford Phil Hosmer
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.