M&T Realty Capital Corporation (M&T RCC) closed a $65,750,000 Fannie Mae loan for Summit Court, a 393-unit multifamily property located in Union, NJ. Terms were not disclosed. The fixed-rate loan marks the first closing with a new client, an affiliate of The Inland Real Estate Group of Companies, Inc.
“Inland is fortunate to have partners like M&T Bank and M&T RCC that support our business in multiple capacities,” said Joseph Binder, CIO of The Inland Real Estate Group, LLC. “The M&T RCC team provided client-centric execution that promoted the appreciation Inland has for its long-term borrowing relationship with the agencies.”
SVP Chad Musgrove led the transaction with contributions from deal manager Wayne Elibero, and associate deal manager Tovah Bakstran. Summit Court, built in two phases between 2018 and 2023, includes 42 dedicated affordable housing units under the NJ Urban Renewal Exchange. It benefits from a 30-year PILOT and a Deed Restriction for Affordable Housing.
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