Boston & New England + New England + Senior Housing | July 1, 2021

M&T Realty Provides $7M Refinancing for Connecticut Senior Living Property

M&T Realty Capital has provided a $7.1 million loan to refinance a 73-unit assisted living facility in Farmington, CONN. The facility is located in a suburb of Hartford.

The refinancing lowered the borrower’s interest rate, recast the amortization, and significantly reduced their annual replacement reserve contribution. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(a)(7) program.

The transaction was led by FHA/HUD Program Manager Paula Quigley and Steve Muth of M&T Realty Capital’s Baltimore and Richmond office. The borrower was not disclosed.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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