The team at M&T Realty Capital Corporation has been busy lately with a number of HUD refinances and loan modifications. M&T entered the third quarter with a pipeline of over $225 million in potential financings covering multiple HUD products. Recently, the firm has closed eight of those transactions, totaling $126 million.
The senior care facilities receiving the financings were spread out across the country in Maryland, Mississippi, New York, Pennsylvania, Utah, Washington, Connecticut and Virginia. The borrowers were able to take advantage of the low interest rate environment, securing fixed rates below 2.75%. Also, in one case, M&T had to close a HUD deal when a COVID-19 outbreak occurred just after a firm commitment was issued.
