**M&T Realty Capital Provides $38.71M Loan for Long Island City Affordable Housing Project**
M&T Realty Capital Corporation has provided $38.71 million in financing for a 103-unit affordable housing development at 29-17 40th Avenue in Long Island City, located within a Qualified Opportunity Zone. The loan was arranged through Freddie Mac’s Targeted Affordable Housing program by Matt Newton and Todd Trehubenko from M&T Realty Capital’s Boston office, on behalf of The Davis Companies, SB Development, and Hazelton Capital Group.
“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.”
The project includes affordability restrictions on a portion of its units, with 12 apartments designated for tenants earning up to 130% of the Area Median Income (AMI) and 19 units reserved for those earning up to 80% of AMI.
