Casale of M&T Realty Capital Corp. arranges three loans totaling $60.25 million

Buffalo, NY M&T Realty Capital Corporation arranged a $41.25 million life insurance company portfolio loan for the refinance of a 6-property, 500-unit multifamily portfolio. The 20-year loan term was amortized over 30-yrs and provided the borrower with a low 4% rate and structured with limited recourse. The transaction was led by senior vice president Zach Casale of M&T Realty Capital Corp.’s Buffalo office. 

“Through one of our correspondent life company lenders, we were able to refinance a sizeable multifamily portfolio that ensured long-term rate security and significant cash-out proceeds for our borrower,” said Casale.

Additionally, Casale also closed a $11.6 million and $7.4 million Fannie Mae loan to refinance a 270-unit multifamily portfolio in Lewiston, NY. Financed through Fannie Mae’s Streamlined Rate Lock program; both loans were structured as full-term interest-only loans for a period of 7-yrs and low 4% interest rates.  

“These two assets were perfect candidates for Fannie Mae’s SRL program.  With sponsors operating both complexes since they were built 30+ years ago,” said Casale. “We were able to leverage their long-time ownership and utilize our partners at Fannie’s Mae’s SRL program to lock their interest rate early on in their refinance process. Both loans received full-term interest only periods for 7-yrs and required no ongoing replacement reserves and/or escrow accounts.”