M id A tlantic Real Estate Journal — Financial Digest — April 22 - May 19, 2022 — 15A
F inancial D igest
O N T G O M E R Y COUNTY, MD — M&T Bank and M $6.865Mof lLIHTC equity provided through Stratford Capital M&T Realty Capital Corp. provides $26.2M of capital
adaptive reuse of an underuti- lized office complex situated on a 2.67-acre site in Sandy Spring. The 55,000 s/f office complex is configured favorably for conversion to age-restricted affordable multifamily housing – a use that not only aligns with the site’s current zoning but also addresses Montgomery County’s explicit need for age- restricted affordable housing. Responding to this need, K CG Development , a divi- sion of KCG Companies, will convert the buildings into 56 units of high quality, energy- efficient housing for senior households earning up to 60% of the Area Median Income (AMI). Rents will correspond with the incomes of resident households and will not exceed 30% of the household’s month- ly income. The development is expected to primarily serve existing seniors in outlying Montgomery County with fixed incomes who wish to safely age in place. It will be the first of its kind in Sandy Spring and will improve the diversity of the market’s housing stock. In-unit amenities will in- clude cable and high-speed internet access, full-sized, en-
ergy-efficient, stainless steel kitchen appliances (i.e., dish- washer, refrigerator, micro- wave, garbage disposal), and luxury vinyl plank flooring. Shared community facili- ties will include a multi- purpose room, exercise room, central laundry facilities, and a lending library. Further- more, residents will have access to the property’s ex- pansive grounds, which will be reimagined to include landscaped walking paths, multiple outdoor recreation and entertainment spaces, and raised garden beds. Nick Thompson , director of finance for KCG Compa - nies, said: “KCG is thrilled to preserve these beautiful buildings and transform them into a vibrant, affordable community for Montgomery County seniors.” M&T Realty Capital Corpora- tion is a wholly-owned subsid- iary of M&T Bank—one of the 20 largest US-headquartered commercial bank holding com- panies. As a fullservice mort- gage banking company, we specialize in providing competi- tive financing nationwide for commercial real estate. MAREJ
M&T Realty Capital Cor- p o r a t i o n are providing $26.227 mil- lion of capi- tal to finance Sandy Spring Vi l lage —a 56 -un i t a f -
fordable housing property lo- cated in Montgomery County. M&T Bank will provide KCG Companies, the proj- ect’s Indianapolis-based de- veloper, a $12.23 million con- struction loan and $7.132 million permanent Freddie Mac Multifamily Affordable Housing loan. In addition, M&T will provide KCG $6.865 million of low-income hous- ing tax credit (LIHTC) equity through Stratford Capital . The transaction was led by Monty Childs , managing di- rector of M&T Realty Capital Corporation’s Chicago office, and Barbara Simmons and Tim Lewis of M&T Bank’s Commercial Banking team in Baltimore. Sandy Spring Village is the
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