M&T Bank Selling $31M Non-Performing Loan for New Haven Office Building

According to the Hartford Business Journal, M&T Bank is selling a $31 million non-performing loan backed by the 555 Long Wharf Drive office building in New Haven. The 15-floor, 418,595-square-foot building, owned by Fusco Corp., is 43.2% occupied and has struggled with vacancies since the pandemic. The loan, originally issued by People’s United Bank, matured last year and is now being handled by JLL. Banks like M&T are selling such loans to limit exposure to the struggling office market.

Click here to read more: M&T Bank taking offers on ‘non-performing’ $31M loan backed by major Class A New Haven office tower