M&T Realty Capital Corporation provided $19 million in HUD 221(d)(4) new construction financing for the Loudoun County project
BALTIMORE, MD – M&T Realty Capital Corporation® is pleased to announce that Stone Springs Apartments, a 128-unit certified “green” construction project, is scheduled for its grand opening on September 12, 2019. The developer partners include North Carolina-based Flatiron Partners LLC, Virginia-based Van Metre Companies, and Virginia-based Good Works LP.
Built in 2019, Stone Springs Apartments is comprised of one, two- and three-bedroom units in two four-story, elevator-serviced buildings. Community amenities include a clubhouse, computer lab, fitness center, swimming pool and locker room area, a children’s playground, and outdoor grilling area. Unit amenities include nine-foot ceilings, stacked full-size washer/dryer units, and are fully equipped with Energy Star-rated appliances and HVAC systems. The property location offers convenient access to employment and community services, recreation, shopping, and healthcare.
“Housing affordability is an acute issue and challenge in advancing and maintaining community resiliency—locally, regionally, nationally, and globally. Providing housing for all income levels is critical to sustainable economic growth and social vitality,” states Roy Barnett, Group President, Van Metre Companies. “The Van Metre Companies are proud to be a leader in addressing this issue locally, with construction of more than 300 affordable housing units currently planned within Loudoun County at Stone Springs, Poland Hill, and Broadlands.”
Hollis Fitch, managing member of Flatiron Partners, adds, “Flatiron Partners prides itself in bringing affordable housing to communities in need, and was honored to help Van Metre Companies complete its vision for Stone Springs. It’s refreshing to work in a county that understands the economic importance of affordable housing’s role in sustaining long term growth. We appreciate all the partners and stakeholders in the community, and look forward to our next developments in Loudoun County.”
“This project marks a new day in Loudoun County,” notes Kim Hart, President of Good Works. “This is the first public-private partnership to receive a loan from the new Loudoun County Housing Trust Fund.”
M&T Realty Capital Corporation closed a $19,053,100 FHA-insured loan for the construction of Stone Springs in 2018, under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 221(d)(4) program. The financing structure coupled the FHA-insured loan with short-term tax-exempt bonds issued by the Economic Development Authority of Loudoun County, VA. The project was also made possible by the support from the Board of Supervisors of Loudoun County through the commitment of a $3,000,000 Housing Trust Fund Loan.
The HUD financing was led by Managing Directors Paula Quigley and Sandra DeFelice of M&T Realty Capital Corporation’s Baltimore office, in collaboration with M&T Bank Commercial Banking Team Leader Timothy Lascko. Ms. Quigley also serves as the FHA/HUD Program Manager for M&T Realty Capital Corporation.
“We are happy to have been able to finance the construction of this exciting new project,” Paula Quigley stated. “The 221(d)(4) program insures mortgage loans to facilitate construction projects like Stone Springs that provide rental housing for low- to moderate-income families.”
About Flatiron Partners
Since its founding in 2014, Flatiron Partners (flatirondevelopment.com) has been responsible for the development and rehabilitation of over 2,000 multifamily housing units, across the Southeast. It is the firm’s intent to strategically grow through the development of new affordable housing properties in markets which demonstrate demand for our core tenant demographic. We consider it a privilege to work tirelessly with our partners to help make affordable housing available to thousands of families.
About Van Metre Companies
Over the past 60 years, Van Metre Companies (vanmetrecompanies.com) has earned a powerful reputation — not just as an award-winning real estate developer, but as a family business with deep local roots. We build and manage where we live. Our customers are our neighbors. And our portfolio of companies forms a thriving ecosystem that connects and supports the community we share.
About Good Works
Good Works (goodworksva.com) is the largest, and only, developer of attainable workforce housing headquartered in Loudoun County. Over the last 15 years, the principals of Good Works have developed over 700 units in Loudoun and Fauquier Counties using VHDA Low-Income Housing Tax Credits.
About M&T Realty Capital Corporation
M&T Realty Capital Corporation® (www.mtrcc.com) is a wholly-owned subsidiary of M&T Bank—one of the 20 largest US-headquartered commercial bank holding companies. As a full-service mortgage banking company, we specialize in providing competitive financing nationwide for commercial real estate. We are a fully accredited Fannie Mae DUS® lender, a Freddie Mac OptigoSM Lender, an approved FHA/HUD MAP and LEAN lender, and also offer life insurance company and CMBS financing through correspondent relationships. In 2018, we originated $4.9 billion in loans, and currently service a $20 billion portfolio.
About M&T Bank
M&T Bank Corporation (www.mtb.com) is a regional financial services company headquartered in Buffalo, New York, with more than $115 billion in assets. M&T Bank offers a wide array of banking, mortgage and commercial financial services through more than 750 branches, 1800 ATMs, and a variety of online and mobile services. Investment and insurance solutions are provided to businesses and consumers by M&T Bank and their affiliated companies Wilmington Trust, N.A, M&T Securities and M&T Insurance Agency, Inc.
© 2019 M&T Bank, Member FDIC. Equal Housing Lender. Bank NMLS #381076.