M&T Realty Capital Corporation®
announced today that it has closed a $50,000,000 Freddie Mac loan for the permanent financing of The Reserve at the Boulevard, a 240-unit multifamily property located at 1 Reserve Drive, Yaphank, NY. The project was developed by AVR Realty Company, an experienced New York-based developer with a broad portfolio that includes office and retail space, apartments, and hotels. M&T Bank provided the prior construction financing for the project.
The Reserve at the Boulevard apartment complex represents Phase One of a sustainable mixed-use master planned community, The Meadows at Yaphank, which is being constructed on the site of the former Parr Meadows Race Track on Long Island. The project proposal includes a mix of residential, retail, office/flex, restaurants, and a hotel, with transportation access from either the Long Island Expressway or William Floyd Parkway.
The Reserve at the Boulevard offers one- and two-bedroom apartments for rent, with a variety of amenities including open floor plans, high-end finishes, energy-efficient appliances, a community pool, a fitness center, a yoga room, a dog run, and a coffee bar. The complex is designed to “feel like a peaceful haven in the woods,” according to the property website.
The transaction was led by Michael Chavkin, Managing Director for M&T Realty Capital Corporation’s New York office. M&T Bank Senior Relationship Manager Celeste Burgos also collaborated on the transaction.
“We are extremely pleased to have provided financing for Phase One of this unique project,” stated Michael Chavkin. “AVR is improving a formerly under-developed area of Long Island, encouraging economic growth and offering a variety of new housing options to residents in this market.”
“AVR continues to excel in providing sustainable mixed-use projects to market,” said Lily Ann Marden, Director of Finance for AVR Realty Company. “M&T provided both the construction and permanent financing for this project, offering a ‘one-stop’ financing experience. We appreciate their commitment to the revitalization of this neighborhood.”
ABOUT AVR REALTY COMPANY
For more than 45 years, AVR has built a reputation for identifying intrinsic real estate value in a wide range of properties. To date, AVR has built, acquired, and developed more than 30 million square feet of commercial and residential space. AVR's portfolio includes office complexes, shopping centers, corporate and industrial parks, apartment complexes, residential communities and hotels. Through vision, innovation, and diversification, AVR has been able to succeed and thrive in a variety of economic and market conditions. For more information, visit www.avrrealty.com
ABOUT M&T REALTY CAPITAL CORPORATION
M&T Realty Capital Corporation®
) 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
All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.