M&T RCC Provides $141M Bridge Loan to Newly Built Turtle Bay Apartments
M&T Realty Capital Corporation (M&T RCC) closed on a $141.4-million bridge loan for Anagram Turtle Bay, a newly constructed 194-unit multifamily community located at 300 E. 50th Stt. in Manhattan’s Turtle Bay neighborhood. The financing was provided to an ownership group led by Global Holdings, MAG Partners and Safanad.
The three-year bridge loan, which includes an extension option, refinanced the property’s construction financing and is designed to support the asset through the final stages of lease-up and stabilization before a planned transition to long-term permanent financing.
“Bridge financing plays an increasingly important role in today’s market, particularly for newly delivered, high-quality multifamily assets that are approaching stabilization,” said Joe Pizzutelli, M&T RCC head of national production, “Anagram Turtle Bay represents exactly the type of opportunity where bridge capital can create value by providing flexibility and certainty of execution while the property completes its lease-up and transitions to permanent financing.”
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