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M&T RCC Provides Financing for Dorchester Mixed-Income Project
M&T Realty Capital Corporation (M&T RCC) arranged the financing for 247 Hancock, a 47-unit mixed-income multifamily development located in Boston’s Dorchester neighborhood. The project is being developed by Arx Urban and Boston Communities and will deliver 35 affordable housing units, including 15 affordable units supported by project-based vouchers.
The financing was originated by Matt Newton, managing director of M&T RCC’s Boston office. “This transaction is a great example of how M&T leverages its platform to support high-impact affordable housing throughout the capital stack,” said Newton. “We’re proud to partner with Arx Urban and Boston Communities to bring this much-needed affordable housing to Dorchester.”
The financing package includes a $6.34-million Freddie Mac unfunded forward commitment under the 9% Low-Income Housing Tax Credit program, a $19.17-million construction loan provided by Dan Feyock of M&T Bank and a $19.29-million tax credit equity investment from Bob Nichols of M&T Bank, including state LIHTC equity and federal energy credits.
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- ◦Development
- ◦Financing
