### M&T RCC Secures $65.75M Fannie Mae Loan for Summit Court in Union, NJ
M&T Realty Capital Corporation (M&T RCC) has successfully closed a $65.75 million Fannie Mae loan for Summit Court, a 393-unit multifamily property in Union, New Jersey. The loan, marking the first transaction with a new client—an affiliate of The Inland Real Estate Group of Companies, Inc.—was issued at a fixed rate. Specific terms were not disclosed.
“Inland is fortunate to have partners like M&T Bank and M&T RCC that support our business in multiple capacities,” said Joseph Binder, Chief Investment Officer of The Inland Real Estate Group, LLC. “The M&T RCC team provided client-focused execution, reinforcing Inland’s appreciation for its long-term borrowing relationship with the agencies.”
Leading the transaction was Senior Vice President Chad Musgrove, with key contributions from Deal Manager Wayne Elibero and Associate Deal Manager Tovah Bakstran.
Summit Court was constructed in two phases between 2018 and 2023 and includes 42 designated affordable housing units under the NJ Urban Renewal Exchange program. The property further benefits from a 30-year Payment in Lieu of Taxes (PILOT) agreement and a Deed Restriction for Affordable Housing.
