Baltimore, MD — M&T Realty Capital Corporation (M&T RCC) and City First Bank have entered a correspondent relationship that will provide City First borrowers with access to M&T RCC’s Fannie Mae DUS, Freddie Mac Optigo and FHA lending capabilities for conventional and affordable multifamily loans.
The partnership with M&T RCC enables City First Bank to further their capacity to serve multifamily affordable housing investor and developer clients by offering additional competitive products and terms. City First Bank is the largest Black-led Minority Depository Institution in the U.S. with over $1.2 billion in assets as of June 30, 2023. Backed by 75 years of experience, City First Bank offers a variety of commercial real estate loan products that support investments in affordable housing within and for low-to-moderate-income urban neighborhoods. In 2022, City First Bank provided $173 million in new multifamily affordable housing loans to preserve or create 1,463 units. Additionally, in 2022, City First Bank provided $61 million in new loans to 19 African-American-owned or -led organizations.
“The ability to provide excellence in products and services, especially for the minority developers and investors of multifamily residential properties we serve matters,” said Brian Argrett, CEO of City First Bank. He continued “This partnership with M&T Realty Capital Corporation expands lending options and access for the customers of City First Bank.”
M&T has an existing relationship with City First and is pleased to have the opportunity to serve their borrowers too. “We are very excited to enhance our relationship with City First by providing liquidity and financial solutions to their workforce and affordable housing customers. City First is deeply engaged in the affordable housing community and the ability to provide Fannie Mae, Freddie Mac and FHA lending will further their capability to support minority developers and investors,” said Michael Berman, CEO of M&T RCC.
City First Bank serves many minority-owned developers and investors in multifamily housing who historically have been underserved and underrepresented in the local real estate markets. The demand is high for multifamily affordable housing and creating pathways for additional financing channels, through a lending partner like M&T RCC, supports more affordable housing development and retention. M&T is committed to serving minority developers, investors, and communities and looks forward to partnering with City First to create greater access to both agency lending and affordable housing nationwide.