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December 24, 2020

M&T Realty arranges $8M refi in LQA

M&T Realty Capital Corporation said that it recently secured an over $8.4 million loan for the owners and original developers of the seven-year-old, 45-unit H2O Apartments in Lower Queen Anne. Jim Schneider and Wim Roach secured the funding, which came from the U.S. Department of Housing and Urban Development. MTRCC says the new loan features a non-recourse, sub-3% interest rate, fixed and amortizing for 35 years. It replaced an old loan with a hefty prepayment penalty. But the firm says it structured a premium interest rate that enabled a large enough credit to pay the prepayment penalty outside of the mortgage and still materially lower the interest rate. Schneider explained, “It is more typical to see a discount interest rate, which is where a client pays some amount of money to lower their new rate. In this case, MTRCC did just the opposite — it offered a premium rate.” The six-story project was completed circa 2013 by developer/designer NK Architects and a financial partner. Compass Construction was the general contractor.




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