### M&T Realty Capital Provides $38.71M Loan for Long Island City Affordable Housing
M&T Realty Capital Corporation has secured $38.71 million in financing for 29-17 40th Avenue, a 103-unit affordable housing development located in a Qualified Opportunity Zone in Long Island City. The loan was arranged through Freddie Mac’s Targeted Affordable Housing program by Matt Newton and Todd Trehubenko from M&T RCC’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.”
Of the 103 units, 12 will be reserved for tenants earning up to 130% of the Area Median Income (AMI), while 19 units will be designated for those earning up to 80% of AMI.
