Lowell, MA M&T Realty Capital Corp. has closed $23.976 million in Fannie Mae MAH loans for the refinance of three affordable housing properties purchased by New York developer Related Companies, ensuring that hundreds of Americans will have access to affordable housing for another 20 years.

The first property, Ashley Oaks Apartments in Richmond, VA – contains 250 Section 8 assisted living units. The second property, Newman Village in Richmond, VA – contains 99 Section 8 assisted living units. Both properties are secured with 10-year fixed-rate loans.

Centennial Island Apartments - Lowell, MA

The third property, Centennial Island Apartments in Lowell – contains 118 Section 8 assisted living units, and is secured with a 10-year fixed-rate loan.

The transaction was led by managing directors John Taylor and Matt Hodson of M&T Realty Capital’s Florham Park, NJ and Falls Church, VA offices, respectively, for Related Affordable, a division of Related Cos. Commercial banking team leader George Doerre and senior commercial real estate relationship manager Brian Sherlock of M&T Bank’s New York City office also collaborated on the transaction.

“We are very pleased to have been able to provide financing for 476 affordable living units within the M&T footprint,” said Taylor. “Related is a market leader in affordable housing, and they continue to place a high priority on developing, acquiring and preserving housing for this sector.”

“For more than 40 years, Related has been committed to developing and preserving affordable housing in communities throughout the United States,” said Matthew Finkle, president of Related Affordable. “The financing provided by M&T will not only ensure that hundreds of people can remain in their homes for another two decades, but it will also help us make a number of improvements to the properties and apartments. We look forward to continuing to work with M&T to provide affordable housing options across the country.”

Centennial Island Apartments - Lowell, MA

M&T Realty Capital 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, they have direct access to commercial/multifamily mortgage capital markets, and are a fully accredited Fannie Mae DUS lender, a Freddie Mac Multifamily approved seller/servicer for conventional loans, and an approved FHA/HUD MAP and LEAN lender. In 2015, they originated more than $2.5 billion in loans, and currently service a portfolio in excess of $11.2 billion.

M&T is a financial holding company headquartered in Buffalo, N.Y. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in N.Y., MD, N.J., PA, DE, CT, VA, W.V. and the D.C.

Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.

Related Companies was founded in 1972 with a focus on financing and developing government assisted multifamily housing for long-term investment. The company has $50 billion of real estate assets owned or under development including best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets.

Related Affordable is the division of Related Cos. that develops, acquires and preserves affordable housing throughout the nation. To date, Related has developed or acquired 55,000 affordable and workforce units, and currently has more than 7,000 units under development or under contract with a value in excess of $1.5 billion. Related’s broad portfolio of award-winning affordable and mixed-income developments demonstrates a continuing ability and commitment to creating affordable housing opportunities in a variety of geographically, economically and socially diverse neighborhoods.