M&T's Commercial Real Estate Department in New York City closed on the first mortgage loan, which consisted of an $8.85 million. M&T's VP Jay Byrne oversaw the transaction. A $5.15 million second mortgage was closed by M&T's Private Bank. Both loans have five-year terms. The purchase price of the properties has not been disclosed.
Located at 201-205 and 207-209 West 11th St., the two adjacent buildings--built around 1910--comprise 64 residential units and six retail stores. They are situated across from St. Vincent's Hospital in the West Village. Both properties will be managed by Time Equities.
M&T's Commercial Real Estate Dept., based in Manhattan, holds a commercial mortgage portfolio in excess of $3 billion. M&T Bank is the principal banking subsidiary of Buffalo-based M&T Bank Corp., which has consolidated total assets of nearly $31 billion.
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