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M&T Bank leads new USD250m project in Brooklyn.

BANKING AND CREDIT NEWS-December 15, 2014-M&T Bank leads new USD250m project in Brooklyn

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A new mixed-use development in Brooklyn, featuring 714-residential units and 57,700-square-feet of retail space, has been financed with USD250 million of New York State Housing Finance Agency bonds backed with a letter of credit led by M&T Bank.

The project at 33 Bond Street in Brooklyn is being developed by New York City-based TF Cornerstone Inc. The Bank of New York Mellon is co-leading the M&T-led syndicated loan.

The 25-story building will include 571 market-rate units and an additional 143 affordable housing units. The project is currently scheduled to be completed in the summer of 2016.

TF Cornerstone Inc. is focused on acquisition, development, construction and management of fine residential, commercial and retail properties.

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

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Publication:M2 Banking & Credit News (BCN)
Date:Dec 15, 2014
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