M&T Closes $50M Freddie Mac Loan on AVR Realty’s Long Island Apartment Complex
By Cathy Cunningham November 16, 2017 4:40 pm
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M&T Realty Capital Corporation has closed $50 million in Freddie Mac permanent financing for The Reserve at the Boulevard— a 240-unit multifamily property Yaphank, N.Y.—on behalf of AVR Realty Company, Commercial Observer has learned.
M&T Bank provided the project’s construction financing.
The Reserve at the Boulevard apartment complex is located at 1 Reserve Drive in Yaphank. It is the first phase of The Meadows at Yaphank—a sustainable mixed-use master-planned community that is currently being constructed at the site of the former Parr Meadows Race Track on Long Island.
When complete, the project will include residential, retail, office/flex properties as well as restaurants and a hotel.
The development aims to “feel like a peaceful haven in the woods,” according to the property website. Property amenities include a pool, a fitness center, a yoga room, a dog run and a coffee bar.
“AVR continues to excel in providing sustainable mixed-use projects to market,” said Lily Ann Marden the director of finance at AVR Realty Company. “M&T provided both the construction and permanent financing for this project, offering a ‘one-stop’ financing experience. We appreciate their commitment to the revitalization of this neighborhood.”
Michael Chavkin, a managing director at M&T Realty Capital Corporation led the transaction, along with Celeste Burgos, a senior relationship manager at M&T Bank.
“We are extremely pleased to have provided financing for Phase One of this unique project,” Chavkin said in prepared remarks. “AVR is improving a formerly underdeveloped area of Long Island, encouraging economic growth and offering a variety of new housing options to residents in this market.”
There’s no sign of M&T slowing down for the holidays. Earlier this month, the lender provided an $80 million mortgage on the former St. Mary’s Hospital building at 170 Buffalo Avenue in Brooklyn as well as being a co-lead arranger with Natixis on a $195 million senior loan for SL Green Realty Corp. and PGIM’s Tower 46 at 55 West 46th Street in Manhattan.
