M&T Funds $14.9M Refinancing for Skilled Nursing Facility in Upstate New York

by Jeff Shaw

GLOVERSVILLE, N.Y. — M&T Realty Capital Corp. has provided a $14.9 million FHA-insured loan to refinance of a 176-bed skilled nursing facility in Gloversville, approximately midway between Albany and Utica.

The loan was completed under the FHA 223(f) program. The 35-year loan is fully amortizing and features a fixed interest rate of 3.25 percent.

Paula Quigley and Matt Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Jennifer Kooney of M&T Bank’s Tarrytown, N.Y., office. Quigley also serves as the FHA/HUD program manager for M&T Realty Capital Corp.

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