M&T Realty Capital Corporation Provides $55.7 Million in FHA New Construction Financing for Multifamily Project in NoVA
June 10, 2013—M&T Realty Capital Corporation has closed a $55.7 million FHA loan for the Van Metre Companies, one of the region’s largest private multi-disciplinary real estate companies, to begin construction on Van Metre at Kensington Place, a 315-unit apartment complex in Woodbridge, VA. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 221(d)(4) program. This is the largest new construction loan M&T Realty Capital Corporation has completed to date.
Van Metre Kensington Place Apartments will be Van Metre’s newest Signature community conveniently located adjacent to the I-95/Prince William Parkway interchange in Woodbridge, VA. Van Metre Kensington Place Apartments was designed by Van Metre Architecture. The community will offer residents a variety of uniquely designed floor plans to choose from, and each apartment will offer luxury finishes such as: granite, clean steel appliances, hardwood flooring in select units, maple cabinetry, crown molding, and even built in charging stations for phones and computers within each apartment. The community has an abundance of amenities which include: two pools, a sun deck, putting green, outdoor BBQ area, and two fitness centers, as well as private bike storage.
This project promises to provide economic benefits to the region through increased employment and local housing opportunities. When completed, the complex will provide attractive housing targeted to DC commuters.
“We are pleased to facilitate financing for this important project that will provide attractive housing units to the market,” said Paula Quigley, the managing director who led the transaction in partnership with M&T Bank Commercial Real Estate department’s officer Timothy Lascko. Ms. Quigley is also the FHA program manager for M&T Realty Capital Corporation.
HUD’s Section 221(d)(4) program insures mortgage loans to facilitate the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, elderly, and the handicapped. The 221(d)(4) program is authorized by the National Housing Act (12 U.S.C. 17151(d)(4)). In FY 2012, 175 projects received $2.7 billion in mortgages insured by this program, encompassing 27,546 new rental units.
As one of the nation’s leading firms providing FHA-insured mortgages, M&T Realty Capital Corporation provides financing under a variety of HUD’s programs. These include financing for rental, cooperative, or single room occupancy housing (pursuant to Section 221(d)(4)); the purchase or refinancing of existing multifamily housing projects (pursuant to Section 207/223(f)); senior housing, nursing care, or assisted living facilities (pursuant to Section 232/223(f)); hospitals (pursuant to Section 242) and secondary debt (pursuant to Section 241).
About M&T Realty Capital Corporation
M&T Realty Capital Corporation is a full-service mortgage banking company that specializes in providing competitive financing nationwide for all types of commercial properties. As a wholly-owned subsidiary of M&T Bank—one of the 20 largest US headquartered commercial bank holding companies—we have direct access to all 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 lender. Our goal is to deliver the commercial debt financing that meets your needs, while providing consistent, high-quality service throughout the lending process and beyond. In 2012, we generated over $2.8 billion in loan originations, and currently service a loan portfolio in excess of $11.5 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 750 branch offices and 2,000 ATMs in Maryland, Washington D.C., Virginia, Pennsylvania, New York, West Virginia and Delaware.
About Van Metre
Since being founding by the late A. G. Van Metre Sr. more than 58 years ago, Van Metre Companies has earned the trust and respect of its fellow citizens throughout Washington, DC and Northern Virginia. Continuously family-owned, Van Metre Companies has always been real estate development and construction leaders in the National Capital area. They are a highly acclaimed organization of dedicated, energetic, involved professionals who continually define the benchmark for luxury living and refined commercial development, from Class A office developments to elegant residential communities and custom homes, to signature condominium and apartment communities. Their clients and customers recognize our focus on excellence and our philanthropic commitments.
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