Rockport Mortgage Corporation

NEWS & EVENTS - SELECTED CLOSINGS

Closing Type: Facility Type:

07/08/10
Hyattsville, MD

St. Thomas More RMC provided a $37,123,600 232/223(f) loan under the HUD LEAN healthcare program to refinance the 240 unit St. Thomas More Medical Complex. The purpose of the loan was to refinance existing debt, fund creation of replacement reserves and fund completion of critical and non-critical repairs.

11/19/09
Suffield, CT

Suffield by the River RMC provided an $8,505,300 HUD 223(a)(7) loan under HUD's new LEAN healthcare program to refinance Suffield by the River. The assisted living facility consists of 103 units. The purpose of the loan was to provide funds for property improvements and supplement the replacement reserves.

10/30/09
Philadelphia, PA

Bala Nursing & Retirement Center RMC provided a $12,626,400 232/223(f) loan under HUD's new LEAN healthcare program to refinance Bala Nursing & Retirement Center. The skilled nursing home consists of 180 units. The purpose of the loan is to fund the refinance of existing debt, fund the creation of replacement reserves and fund completion of critical and non-critical repairs.

5/5/09
Annapolis, MD

New Annapolis Nursing & Rehabilitation Center RMC provided a $9,520,000 232/223(f) loan under HUD's new LEAN Healthcare Program providing for the refinance of existing debt at the New Annapolis Nursing and Rehabilitation Center in Annapolis, MD. RMC was able to secure a 35 year term at fixed rate of 5.45%. The facility consists of 87 units.

4/30/09
Boston, MA

The BayView Residence RMC provided a $2,742,200 loan under the HUD 241 program to refinance The BayView Residence, located in Boston, MA. The project is a 39-unit, 62-bed assisted living residence. The purpose of the loan was to fund renovations and improve the quality of the facility.

12/16/08
Worcester, MA

Donna Kay Rest Home RMC provided a $2,550,000 HUD 232 loan to finance the acquisition of Donna Kay Rest Home. The facility is a one-story building consisting of 60 units. Although Donna Kay Rest Home is a licensed as a rest home, it was constructed to meet standard nursing requirements. The purpose of the loan was to provide funds for the acquisition, repairs and upgrades to improve the marketability.

11/6/08
Ridgeland, MS

The Blake at Township RMC provided a $12,998,300 loan under the HUD 232 program for the acquisition and new construction of The Blake at Township, located in Ridgeland, MS. The project involves the acquisition, development, new construction, equipping, and furnishing of the 2-story, 100 unit assisted living and memory care facility. The 100 residential units includes 72 traditional assisted living units and 28 Alzheimer/memory care units. The facility will contain a combination of studio and one-bedroom apartments along commons areas.

1/15/08
Guilford, CT

Guilford House RMC provided a $10,260,000 loan under the HUD 232 program to finance Guilford House. The deal involved a substantial rehabilitation of the existing 36 units in the nursing home and the construction of a new Alzheimer's wing consisting of 28 new units, bringing the total to 61 units, all of which contain private beds.

9/12/07
Peterborough, NH

Summerhill Assisted Living Facility Rockport Mortgage Corporation provided $7,792,000 in FHA insured financing for Summerhill Assisted Living under the HUD 232 program. The financing provided adequate funds to retire the existing debt and cover 100% of the cost of completing a substantial rehabilitation of the existing 36 bed assisted living facility (33 beds after the sub rehab), and the construction of a 28 bed Alzheimer's wing to accommodate persons suffering from various stages of dementia.

6/27/07
Medway, MA

Medway Country Manor RMC provided FHA-insured financing for Medway Country Manor, a 123-bed skilled nursing facility. The $4,818,700 loan, which was processed under HUD's Section 223(a)(7) program, refinanced the existing mortgage and incorporated all related transaction costs, resulting in no equity contribution by the owners. The new loan lowered the property's interest rate by more than 250 basis points, while maintaining the term of the previous loan, resulting in a reduction in annual debt service of more than 20%. Through this transaction, RMC was able to demonstrate to HUD that the Sinking Fund provisions required by HUD were obsolete and no longer relevant resulting in the release of substantial restricted funds, which had previously been unavailable to the owner. HUD processed and approved this loan in 35 days.