M&T Realty Capital Corporation Provides $414.83 Million for a Multifamily Housing Property in Brooklyn, New York
Baltimore, MD; April 2, 2024 – M&T Realty Capital Corporation® is pleased to announce the closing of a $414,829,000 Freddie Mac conventional loan for Brooklyn Crossing, an 858-unit multifamily housing property located in Brooklyn, NY. The team was able to successfully secure favorable permanent financing terms for their client The Brodsky Organization.
Brooklyn Crossing, a luxury apartment building, is adjacent to the iconic Prospect Park and provides easy access to the cosmopolitan neighborhood’s art, culture, and restaurants. The property offers brand new studio- and one- to three-bedroom residences for rent. Property amenities include a screening room, colossal fitness center, a rooftop terrace and lounge, and an outdoor pool.
The transaction was led by Robert Barry, Senior Vice President, in M&T Realty Capital Corporation’s New York City office. Barry collaborated closely with Andrea Wagonseller, Senior Vice President, M&T Bank, who led the initial construction loan with a syndicate of lenders. Their partnership highlights M&T Bank’s full-service model and ability to offer both on and off-balance sheet solutions. “M&T Realty Capital is excited to once again place financing for The Brodsky Organization and Greenland – best-in-class developers, owners and operators,” said Michael Edelman, M&T Realty Capital Corporation Chief Executive Officer. “With its unparalleled amenities and convenient access to multiple subway lines, Brooklyn Crossing has transformed the Prospect Heights neighborhood. Freddie Mac provided a very attractive 10-year, fixed-rate refinance commensurate with the significant number of affordable housing units this project supplied Brooklyn.”
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 11 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. In addition to its M&T Bank offices, M&T RCC is also closely aligned with M&T commercial banking offices in Florida, Oregon, and Washington. Further information is available at www.mtrcc.com.
