M&T Realty Capital Corporation closed the refinance of an 87-unit seniors housing community in the Seattle suburb of Bothell, Washington. Managing Director Steve Muth, in collaboration with Christopher Tesla in M&T’s Seattle office, went through Freddie Mac’s OptigoSM program, which provides cash loans, bond credit enhancements, tax-exempt loans, and other financing options to affordable housing properties.
The $12.3 million loan was structured with a 10-year term and fixed rate, with a full term of interest-only payments. It closed at 49% loan-to-value, putting the value of the community above $25.1 million, or $288,500 per unit.
