BALTIMORE, MD – M&T Realty Capital Corporation® announced today that it has closed a $12,596,900 Fannie Mae DUS® loan for the acquisition of Orange Tree Village, a 110-unit garden-style apartment and townhome community in Tucson, AZ, on behalf of Hamick Asset Management, BlueSky Equity, Vista Laguna Asset Management and Valley Oaks Capital.
Orange Tree Village offers one-, two-, and three-bedroom luxury townhome and single-story ‘casita living’ units for rent. Each of the units features a private entrance, fenced backyard, in-unit washer and dryer, and breakfast bar. Property amenities include a pool, a pet park and a shaded playground. The property is located near Mt. Kimball and I-10, and offers easy access to the bus line and the I-10 freeway.
The 12-year, 4.03% loan is structured with six years of interest-only payments, followed by a 30-year amortization. The transaction was led by Managing Directors Matthew Hodson and Debra Goldstein of M&T Realty Capital Corporation’s Falls Church, VA and Washington, DC offices, respectively.
“The recent unit renovations and amenities available at Orange Tree Village make this a standout workforce housing asset in the Tucson area,” states Matthew Hodson. “We are very pleased to have been able to provide financing for this acquisition as Hamick Asset Management and its partners expand their portfolio of rental units.”
“The team at M&T Realty Capital was instrumental in our partnership’s successful entry into the Tucson market. Their service was exemplary, and we look forward to working with them on future successful acquisitions,” adds Tim Hamick, Principal of Hamick Asset Management.
Hamick Asset Management LLC is a real estate investment company that specializes in the purchase of and investment in multi-family and multi-tenant real estate assets. Geographic areas of focus for potential asset purchases include Dallas Fort Worth, Houston, Austin, San Antonio and other markets throughout Texas, Colorado, Arizona, Indiana, Ohio and Florida. BlueSky Equity LLC, Vista Laguna Asset Management and Valley Oaks Capital are California-based real estate investment companies focused on the acquisition and operation of multi-family assets in Arizona and Texas.
About M&T Realty Capital Corporation: M&T Realty Capital Corporation® is a wholly-owned subsidiary of M&T Bank—one of the 20 largest US-headquartered commercial bank holding companies. As a full-service mortgage banking company, we specialize in providing competitive financing nationwide for commercial real estate. We are a fully accredited Fannie Mae DUS® lender, a Freddie Mac OptigoSM Lender, an approved FHA/HUD MAP and LEAN lender, and also offer life insurance company and CMBS financing through correspondent relationships. In 2018, we originated $4.9 billion in loans, and currently service an $18 billion portfolio.
About M&T Bank: M&T Bank Corporation is a regional financial services company headquartered in Buffalo, New York, with more than $115 billion in assets. M&T Bank offers a wide array of banking, mortgage and commercial financial services through more than 750 branches, 1800 ATMs , and a variety of online and mobile services. Investment and insurance solutions are provided to businesses and consumers by M&T Bank and their affiliated companies Wilmington Trust, N.A, M&T Securities and M&T Insurance Agency, Inc.