### M&T Realty Capital Provides $38.71M Loan for LIC Affordable Housing Project
M&T Realty Capital Corporation has provided $38.71 million in financing for 29-17 40th Ave., a 103-unit affordable housing development located in a Qualified Opportunity Zone in Long Island City. The loan was arranged on behalf of The Davis Companies, SB Development, and Hazelton Capital Group by Matt Newton and Todd Trehubenko from M&T RCC’s Boston office. The financing was secured through a Freddie Mac Targeted Affordable Housing loan.
“By working closely with the sponsors and Freddie Mac’s Targeted Affordable Housing group in this challenging interest rate environment, we were able to execute on a timeline that fit the needs of the sponsors’ business plan for this Opportunity Zone project,” said Newton. “The dedication from all parties was crucial in getting this deal across the finish line.”
Of the 103 units at 29-17 40th Ave., 12 will be designated for tenants earning 130% of the Area Median Income, while 19 will be restricted to those earning 80%.
