ST. CHARLES, Ill. — M&T Realty Capital Corp. has provided a $15.1 million Fannie Mae loan for the refinance of an 80-unit active adult community in St. Charles.
The transaction was worked in conjunction with Ziegler, a specialty investment bank headquartered in Chicago. The 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule, which will provide the undisclosed borrower with additional flexibility in future years.
The community was 98.8 percent occupied at the time of closing. Ownership has been investing significant capital in the project over the past several years to improve the community’s landscaping, HVAC systems and resident units upon turnover. The Fannie Mae loan also provided over $5,000 per unit for future capital expenditures.
Steven Muth and Matthew Pipitone led the transaction for M&T. Eric Johnson led the transaction for Ziegler.