M&T Bank Provides $97.8 Million Loan To Redevelop Lincoln Correctional Facility Into Affordable Co-Ops

The asset involved in this transaction is a development site located at 31-33 East 110th Street in Manhattan. The site is set for redevelopment into 105 affordable co-op units aimed at households earning between 40% to 100% of area median income. The total loan amount for this construction financing is $97,800,000, provided by M&T Bank.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $97,800,000
• Lender: M&T Bank
• Landlord: Lisa Gomez - L+M Development Partners & Urbane Development Group

The key individuals and companies involved in this transaction include LDG Group LLC and Infinite Horizons, who, alongside L+M Development Partners and Urbane Development Group, completed the financing to facilitate the redevelopment of the former Lincoln Correctional Facility.