M&T Realty Capital Corporation Arranges $20 Million Acquisition Financing for Greenwich Center in Phillipsburg, NJ
FLORHAM PARK, NJ – M&T Realty Capital Corporation announced today that it has arranged a $20,000,000 CMBS loan for the acquisition of Greenwich Center, an 182,583 sf retail center located in Phillipsburg, New Jersey.
At 75 percent LTV, the 10-year fixed-rate loan was structured with 5 years of interest-only payments followed by a 30-year amortization.
Greenwich Center is a 13-unit power center with access from I-78 and US Route 22. Located in close proximity to both Phillipsburg, NJ and Easton, PA, the center includes national tenants such as Best Buy while being shadow-anchored by Target and Lowe’s.
The transaction was led by M&T Realty Capital Corporation Managing Director John Taylor in collaboration with M&T Bank commercial real estate loan officer Ryan McAuliffe.
The loan was funded 27 days after signing the application. The owner stated, “[John has] done a great job in bringing this thing together, and I am looking forward to do many more deals with [him] and [M&T Realty Capital Corporation]. I was especially impressed by the speed and completeness that [the M&T Realty Capital Corporation] team has done in order for us to get this mortgage wrapped up.”
About M&T Realty Capital Corporation
M&T Realty Capital Corporation (www.mandtrcc.com) is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial real estate. As a wholly-owned subsidiary of M&T Bank, we have direct access to commercial/multifamily mortgage capital markets, and are a fully accredited Fannie Mae DUS® and Freddie Mac Program Plus® lender as well as an approved FHA MAP and LEAN lender. In 2014, we generated over $1.8 billion in loan originations, and currently service a loan portfolio in excess of $11.8 billion.
About M&T Bank
Founded in Buffalo, N.Y., in 1856, M&T Bank Corp. (www.mtb.com) is one of the 20 largest U.S. bank holding companies, with more than 700 branch offices and 1,500 ATMs in Maryland, Washington D.C., Virginia, Pennsylvania, New York, West Virginia and Delaware.
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All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions. “DUS®” is a registered trademark of Fannie Mae. “Program Plus®” is a registered trademark of Freddie Mac.