M&T Realty Capital Corporation announced the closing of a $21 million bridge loan for The Lanes at Union Market, a 110-unit property in Washington, D.C.

The Lanes at Union Market, built in 2022, was acquired by HH Fund at a foreclosure auction in July 2024. The borrower worked with local universities to repurpose the building from a conventional multifamily project into a modern student housing project. The apartment building currently houses close to 50% local student residents, with additional units expected to become available to students in the future.

After an introduction from M&T Bank, M&T RCC utilized its bridge lending platform for the financing of this asset. The 2-year, interest only loan will allow the borrower to have the necessary time to execute on their business plan. Dan Lynch, Senior Vice President, led the transaction with contributions from Joanie Wilson, Deputy Chief Credit Officer, and Connor Quigley, Vice President.