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M&T Realty Capital Corporation Closes $21M Bridge Loan for DC Student Housing
M&T Realty Capital Corporation has announced the closing of a $21 million bridge loan for The Lanes at Union Market, a 110-unit residential property located in Washington, D.C.
Originally constructed in 2022, The Lanes at Union Market was acquired by HH Fund through a foreclosure auction in July 2024. In a strategic move, the new owner partnered with local universities to convert the asset from a traditional multifamily residential building into a contemporary student housing community. Currently, about 50% of the building’s residents are local students, with more units expected to accommodate students in the near future.
The financing was arranged through M&T RCC’s bridge lending platform following an introduction by M&T Bank. The two-year, interest-only loan is designed to support the borrower’s transition and execution of their redevelopment plan.
The transaction was led by Dan Lynch, Senior Vice President, with key contributions from Joanie Wilson, Deputy Chief Credit Officer, and Connor Quigley, Vice President.
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