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New York & Tri-State  + New Jersey  + Finance  | 

M&T RCC Closes $66M Fannie Mae Loan for Inland Affiliate

M&T Realty Capital Corporation (M&T RCC) closed a $65,750,000 Fannie Mae loan for Summit Court, a 393-unit multifamily property located in Union, NJ. Terms were not disclosed. The fixed-rate loan marks the first closing with a new client, an affiliate of The Inland Real Estate Group of Companies, Inc.

“Inland is fortunate to have partners like M&T Bank and M&T RCC that support our business in multiple capacities,” said Joseph Binder, CIO of The Inland Real Estate Group, LLC. “The M&T RCC team provided client-centric execution that promoted the appreciation Inland has for its long-term borrowing relationship with the agencies.”

SVP Chad Musgrove led the transaction with contributions from deal manager Wayne Elibero, and associate deal manager Tovah Bakstran. Summit Court, built in two phases between 2018 and 2023, includes 42 dedicated affordable housing units under the NJ Urban Renewal Exchange. It benefits from a 30-year PILOT and a Deed Restriction for Affordable Housing.

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M&T RCC's Musgrove

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).