Summit Court at 450 Clermont Terrace in Union — Courtesy: M&T Realty Capital Corp.
By Joshua Burd
The new owner of a 393-unit luxury apartment complex in Union has closed on nearly $66 million in financing, in a transaction arranged by M&T Realty Capital Corp.
According to a news release, Fannie Mae provided the loan to an affiliate of The Inland Real Estate Group of Companies. The deal follows the borrower’s acquisition last month of Summit Court, a two-phase complex at 450 Clermont Terrace, from Fidelco Realty Group and Diversified Properties for some $131.5 million.
M&T Realty Capital Corp. Senior Vice President Chad Musgrove led the transaction with contributions from Wayne Elibero, deal manager, and Tovah Bakstran, associate deal manager. They noted that the $65.75 million loan marks the firm’s first closing with Inland, one of the nation’s largest commercial real estate and finance groups.
“M&T RCC has a focus on delivering results for institutional borrowers and REITs alike,” Musgrove said. “We look forward to expanding these services to continue meeting all borrower needs.”
Summit Court, built in two phases between 2018 and 2023, includes 42 dedicated affordable housing units under state law, according to a news release. The property benefits from a 30-year PILOT payment in lieu of taxes agreement and a deed restriction for affordable housing, ensuring long-term affordability for residents.
“Inland is fortunate to have partners like M&T Bank and M&T RCC that support our business in multiple capacities,” said Joseph Binder, chief investment officer of The Inland Real Estate Group LLC. “The M&T RCC team provided client-centric execution that promoted the appreciation Inland has for its long-term borrowing relationship with the agencies.”
Fidelco, Diversified sell 393-unit Union rental property for $132 million, JLL says
