BALTIMORE, MD – M&T Realty Capital Corporation® announced today that it has closed a $3,975,000 Fannie Mae Green Rewards loan for the acquisition of Colony Court Apartments, an 80-unit garden-style apartment community in Kansas City, MO, on behalf of Prosperity CRE.
Colony Court offers two-bedroom units for rent. Property amenities include carports, a pool, and complimentary Google Fiber high speed internet access. Prosperity CRE will implement several capital improvements to the property—including energy- and water-saving improvements as part of the Green Rewards program—and plans to rebrand the community.
“Planned improvements include a new dog park, a new barbeque and picnic area, an upgraded pool area, and a new community center and leasing office. Landscaping will also be upgraded, and a unit improvement program will be implemented that will feature updated kitchens, bathrooms and flooring,” states Mark Rios, Founding Partner and Principal of Prosperity CRE. “As we reposition the apartment complex to provide greater features and amenities, we’ll also be rebranding it as Hidden Hills Apartments.”
The 10-year loan is structured with four 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.
“Debra and I are pleased to have been able to assist Prosperity CRE with the financing to acquire this property,” adds Matthew Hodson. “Prosperity CRE’s planned property improvements will help their tenants save money on both energy and water usage, and the amenities that they plan to add or upgrade are equivalent with current market trends.”
About Prosperity CRE: Prosperity CRE provides multifamily and commercial real estate investment and asset management services for select private clients across the United States and internationally.
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 Optigo 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 a $20 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.