F inancial D igest
M id A tlantic Real Estate Journal — March 2024 — 5A
www.marej.com
MHERST, NY — M&T Realty Capi- tal Corporation an- The team secures favorable permanent financing terms for their client DMG Investments M&T Realty Capital Corporation provides $18M for a multifamily housing property in New York A center, on-site maintenance, and on-site management.
The transaction was led by Robert Barry , senior vice president, in M&T Realty Capital Corporation’s New York City office. Barry collabo - rated closely with the team at DMG Investments over several months to navigate the student housing market. “DMG trusted RCC to deliver strong terms in a tough rate environment. We are thankful for their continued partner - ship and look forward to future opportunities to support their growth,” said Barry. “Robert and the team at M&T dedicated considerable effort to this deal, skillfully assembling all involved par - ties and securing favorable terms for us from Freddie Mac, leading to a successful close. Without their expertise, our progress in the market would not have been as smooth,” said Zoe Ma , finance associate, DMG Investments. MAREJ
nounced the closing of a $18 million Fr edd i e Mac conven - tional loan for Air Buf - falo, a 154- unit multi - family hous - ing property
Robert Barry
located in Amherst. The team navigated challenging market conditions to secure favorable permanent financ - ing terms for their client DMG Investments . Air Buffalo, a luxury apart - ment building, is located ad - jacent to the University at Buffalo North Campus, hik - ing trails, restaurants, and shopping centers. The prop - erty offers studio-, one- and two-bedroom units for rent. Property amenities include an indoor pool and jacuzzi, fitness
Air Buffalo
Cronheim secures $17.5M Life Co financing for 2 NJ Grocery- anchored retail properties 285,638 s/f in Mercer & Union County
For the Garwood Mall, Cronheim secured $6.5M of debt financing from American United Life a life insurance company whom Cronheim represents as correspondent and servicer. The loan was structured on a 10/25 basis and features a flexible pre - payment structure. Constructed in 1971, the 89,624 square foot Garwood Mall is anchored by Kings Food Markets, and also features Crunch Fitness, AutoZone, and a variety of popular local mer - chants. Garwood, NJ is a small community with a walkable downtown featuring a myriad of shopping and dining, as well as the Garwood Train Station which is located just behind the property. With remarkably close proximity to this key piece of commuting infrastructure, the Garwood Mall will remain an attractive and highly desir - able real estate location for years to come. MAREJ
MERCER & UNION COUNTY, NJ — Cronheim Mortgage has arranged $17.5M for the financing of two grocery-anchored shopping centers: Town Center in East Windsor, and Garwood Mall in Garwood. Andrew Stewart, Dev Morris, and Allison Vil- lamagna secured the financing on behalf of a New Jersey-based real estate firm specializing in the development and acquisi - tion of New Jersey retail assets. For the Town Center Pla - za, Cronheim secured $11M of long-term financing from Southern Farm Bureau Life Insurance Co., an insurance company and commercial real estate lender whom Cronheim represents as servicer and correspondent. The loan was structured on a 15/30 basis and features a stepdown prepay - ment structure in the last 10 years of the loan. Constructed in 1998, the Town Center Plaza has since
Town Center Plaza
Garwood Mall
amassed an attractive tenant base including ShopRite, a regional movie theater, and Chipotle, among others. The 196,014 s/f property sits on a 35.51-acre lot, and features ample parking with over 1,250 spaces. Town Center Plaza is located in East Windsor, an upper-mid -
dle-class suburb in central New Jersey. The property benefits from the strong demograph - ics of its host market, with upwards of 16,000 households located within its three-mile trade area and an average annual household income ex - ceeding $155,000. Within East Windsor, the property is lo -
cated near the intersection of US Rte. 130 and NJ Rte. 133, also known as the Hightstown Bypass. These roadways see traffic volumes of 29,000+ and 20,000+ each day, respectively, providing the tenants of the property excellent visibility and consumers in the market exceptionally easy access.
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