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December 17, 2020

M&T Realty Capital Corp.

Roach

Schneider

The local office of M&T Realty Capital Corp. announced that it recently secured nearly $40.5 million in federally backed loans for three multifamily properties in the Tri Cities, which have 612 units. The buildings and their San Francisco owner weren't named. M&T's Jim Schneider and Madeleine Roach secured the market-rate funding: one loan via Fannie Mae, under its DUS Choice Refinance program; and two via the U.S. Department of Housing and Urban Development's 223(f) insurance program. The loan package features a fixed rate of 2.25% with a 35-year term. Roach said in a statement, “Properties in Washington state represent less than 1% of HUD loan volume. We hope the success of these transactions will encourage other owner/operators to consider using this program here in Seattle.” M&T Bank, of Baltimore, is the corporate parent to MTRCC, which last year originated $5.2 billion in loans. Funding sources include Fannie Mae, Freddie Mac, FHA and HUD.




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