BALTIMORE, MD - M&T Realty Capital Corporation® announced today that it has closed a $11,625,000 Fannie Mae DUS® loan for the acquisition of Vista View Apartments, a 70-unit Class-A multifamily property located in Frederick, MD, on behalf of The BurnBrae Companies.
Vista View Apartments offers two-bedroom units with five different floor plans for rent. Unit amenities include hardwood flooring, nine-foot ceilings, granite countertops and balconies or patios. Property amenities include access to three pools, two basketball courts, three parks, and a BBQ/grilling area. The property is located near Fort Detrick and Whittier Lakefront Center.
The 10-year loan is structured with five years of interest-only payments, followed by a 30-year amortization. The transaction was led by Managing Director Matthew Hodson of M&T Realty Capital Corporation’s Falls Church, VA office.
“M&T is pleased to have been able to finance this acquisition for The BurnBrae Companies,” states Matthew Hodson. “BurnBrae continues to grow their multifamily portfolio through development and investment opportunities in strategic markets like Frederick, where there is a high demand for quality rental housing units.”
About The BurnBrae Companies: The BurnBrae Companies (“BurnBrae”) is a real estate investment, development, and management company headquartered in the nation’s capital, Washington, D.C. The company was founded after the successful redevelopment of an abandoned dinner theatre, formerly known as the Burn Brae Dinner Theatre, into 55 townhomes. Since then the company has developed in Maryland, Delaware, Florida, and South Carolina, totaling more than 1,000 residential lots, 250 multi-family units, and 305 student housing beds. Find out more at www.burnbraeco.com
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.