M&T Realty Capital Corporation Provides $26 Million in Acquisition Financing for 254-Unit Apartment Community in Maryland
BALTIMORE, MD – M&T Realty Capital Corporation announced today that it has closed a $25,956,000 Freddie Mac loan for the acquisition of Horizon Square Apartments, a 254-unit apartment complex located in Laurel, Md.
Horizon Square consists of 1-, 2- and 3-bedroom apartment homes, with 1-bedroom homes accounting for 53 percent of the total. Community amenities include a fitness room, clubroom, swimming pool and playground.
The transaction was led by Managing Director Tim Weldon of M&T Realty Capital Corporation’s Washington, D.C. office for borrower ROSS Companies. ROSS, a leader in multifamily acquisitions, property management and renovation in the Mid-Atlantic region, plans to implement improvements to the community. The upgrades will include new carpet in the hallways, paint, an LED lighting retrofit, new glass storefronts at all entries and new windows.
“With Baltimore 20 miles to the northeast and Washington, D.C., 20 miles to the southwest, the value of Horizon Square’s location speaks for itself,” said Scott Ross, president of ROSS Development & Investment, an affiliate of ROSS Companies. “We believe our upgrades will make Horizon Square a key location for those who commute to either city, as well as those who are rooted in the Laurel area. We’re excited to get started and to create sustainable value.”
About ROSS Companies
ROSS Companies (TheRossCompanies.com), founded in 1983 in Bethesda, Md., is a recognized leader in multifamily acquisitions and investment, development, property management and renovation for the Mid-Atlantic region. With a managed portfolio of approximately 13,000 apartment homes in 40 communities, the privately held company is one of the most active multifamily real estate firms in the Mid-Atlantic region.
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 2015, we originated more than $2.5 billion in loans, and currently service a portfolio in excess of $11.2 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 650 branch offices and 1,500 ATMs in Maryland, Washington D.C., Virginia, Pennsylvania, New York, West Virginia and Delaware.
© 2016 M&T Bank, Member FDIC. Equal Housing Lender.
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.