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M&T Realty Capital Provides Bridge Loan for Ohio Affordable
M&T Realty Capital Corporation provided a $21,590,000 bridge loan for NB Affordable’s acquisition of a 337-unit affordable housing property located in Athens, OH. The firm purchased the asset for $24,500,000. At 85% LTC, the two-year, adjustable-rate loan bridge loan is interest only.
The property, Campus Heights Apartments, is located near Ohio University and features a brand-new clubhouse, an Amazon Hub, and a pet-friendly environment. It offers a variety of furnished studio, one-, two- and three-bedroom units. Amenities include a laundry facility, parking, fitness centers and study rooms.
The transaction was arranged by Dov Lazarus of Copper Capital and led by senior managing director Dan Lynch of M&T Realty Capital’s Baltimore office. “The preservation of and access to affordable housing continues to be a critical need in many areas of the country,” said Lynch. “NB Affordable’s mission aligns with those needs and this property will help that critical need in Athens.”
- ◦Sale/Acquisition
- ◦Financing
