M&T Provides $38.4M Refinancing for Seniors Housing Property in Virginia

VIRGINIA BEACH — M&T Realty Capital Corp. has closed a $38.4 million Fannie Mae loan to refinance a 179-unit seniors housing property in Virginia Beach.

The 10-year, 3.63 percent, fixed-rate loan is structured with three years of interest-only payments, followed by a 30-year amortization.

Matthew Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Nick Gent of M&T Bank’s Washington, D.C. office.

The name of the community and borrower were not disclosed.