M&T Realty Capital Refis Manhattan Apartments With $50M Loan

An affiliate of Gordon Property Group has secured a $50 million loan to refinance a luxury multifamily asset in Manhattan’s Carnegie Hill neighborhood, Commercial Observer has learned.

M&T Realty Capital Corporation (M&T RCC) supplied the Freddie Mac-backed loan for the Alyn at 152 East 87th Street. It was selected for the deal after a “highly competitive” bidding process that included a number of life insurance companies and debt funds, according to the lender.

Gordon Property Group, a New York-based family office, was connected to M&T RCC through an existing client of Connor Preece, group manager at M&T Bank, according to the lender. Preece then proceeded to introduce the sponsor to Robert Barry, senior vice president of M&T RCC for balance sheet lending options.

“This deal and structure show that agency financing can be competitive for Class A assets, in strong multifamily markets, for strong borrowers,” Barry said in a statement. 

The Alyn was built in 2019 and consists of 56 apartments. Its community amenities include garage parking, a children’s playroom and a wellness center. 

Officials at Gordon Property Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com