M&T Realty Capital Provides $62.5M Freddie Mac Loan for New Multifamily Property Near Baltimore
JESSUP, MD. — M&T Realty Capital Corp., a wholly owned subsidiary of M&T Bank, has provided a $62.5 million Freddie Mac loan for the permanent financing of The Elms at Shannon’s Glen, a 364-unit multifamily community in Jessup, roughly 15 miles southwest of Baltimore. Matthew Hodson and Debra Goldstein of M&T Realty Capital structured the 12-year loan with eight years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Elm Street Development. The McLean, Va.-based company developed the community in 2016. M&T Bank provided construction financing for the project. The Elms at Shannon’s Glen includes a mix of one- to three-bedroom units with granite countertops, Energy Star appliances and private patios or balconies. Community amenities include a resort-style pool, fire pit, bocce ball court, fitness center, yoga room, dog park and a community garden.