**M&T RCC Finances 47-Unit Mixed-Income Development in Dorchester**
M&T Realty Capital Corporation (M&T RCC) has arranged the financing for 247 Hancock, a 47-unit mixed-income multifamily development located in the Dorchester neighborhood of Boston. The project, being developed by Arx Urban and Boston Communities, will provide 35 affordable housing units, including 15 units supported by project-based vouchers.
The financing was led by Matt Newton, managing director of M&T RCC’s Boston office. “This transaction is a great example of how M&T leverages its platform to support high-impact affordable housing throughout the capital stack,” said Newton. “We’re proud to partner with Arx Urban and Boston Communities to bring this much-needed affordable housing to Dorchester.”
The financing package includes several components:
– A $6.34 million Freddie Mac unfunded forward commitment under the 9% Low-Income Housing Tax Credit (LIHTC) program
– A $19.17 million construction loan provided by Dan Feyock of M&T Bank
– A $19.29 million tax credit equity investment from Bob Nichols of M&T Bank, which includes both state LIHTC equity and federal energy credits.
This development underscores M&T RCC’s ongoing commitment to expanding affordable housing opportunities in underserved communities, supported by a robust financing platform and strategic partnerships.
