NEW YORK CITY — M&T Realty Capital Corp., a wholly owned subsidiary of Buffalo, N.Y.-based M&T Bank (NYSE: MTB), has provided a $414.8 million Freddie Mac conventional loan to refinance Brooklyn Crossing, a 51-story, 858-unit apartment tower in Brooklyn. The borrower is The Brodsky Organization, an owner and developer of luxury apartments, condos and retail properties in New York City.
While the majority of the apartments at Brooklyn Crossing are luxury units, 258 are affordable. Located in the posh Prospect Heights neighborhood, the building is immediately adjacent to Barclays Center, home of the NBA’s Brooklyn Nets and WNBA’s New York Liberty.
The property offers studio, one-, two- and three-bedroom apartments. Amenities include a screening room, large fitness center, rooftop terrace and lounge, and outdoor pool. According to the property website, studio apartments rent for approximately $3,500 a month and three-bedroom units rent for approximately $9,000 monthly.
Robert Barry, senior vice president in M&T Realty Capital’s New York City office, led the refinancing. Andrea Wagonseller of M&T Bank led the initial construction loan, which this transaction refinanced.
“With its unparalleled amenities and convenient access to multiple subway lines, Brooklyn Crossing has transformed the Prospect Heights neighborhood,” says Michael Edelman, CEO of M&T Realty Capital. “Freddie Mac provided a very attractive 10-year, fixed-rate refinance commensurate with the significant number of affordable housing units this project supplied Brooklyn.”
M&T Realty Capital specializes in providing financing options nationwide for multifamily communities, commercial income properties and healthcare facilities. The company is a Freddie Mac Optigo network lender, Fannie Mae DUS lender and an approved FHA/HUD MAP and LEAN lender. The company also offers life insurance company and CMBS financing through correspondent relationships.
— Jeff Shaw