**M&T RCC Provides Financing for Dorchester Mixed-Income Project**
M&T Realty Capital Corporation (M&T RCC) has arranged financing for 247 Hancock, a 47-unit mixed-income multifamily development in the Dorchester neighborhood of Boston. Developed by Arx Urban and Boston Communities, the project will offer 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 structure includes the following:
– A $6.34 million Freddie Mac unfunded forward commitment under the 9% Low-Income Housing Tax Credit 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 supports the ongoing demand for affordable housing options in Boston’s neighborhoods, particularly at a time when housing accessibility remains a pressing regional and national priority.
