| | News & Events | | | | | | 10/23/06 | Aaron Briggs Manor
RMC provided a $2,900,000 loan, under the HUD 223(f) program, to refinance Aaron Briggs Manor, located in Providence, Rhode Island. The property is assisted by a Section 8 Housing Assistant Payments contract on the 88 units. The financing provided funds for needed repairs and a substantial equity takeout. | Providence, RI | | 10/17/06 | Alvin Memorial Gardens
RMC provided a $3,047,500 loan under the HUD 223(f) program to refinance Alvin Memorial Gardens, a 104-unit elderly Section 202 complex located in Alvin, Texas. Working with Rockport Mortgage, the borrower was able to obtain HUD's approval to prepay the mortgage and preserve the property through a new low-income use agreement, which keeps the property affordable until the year 2028. The owner obtained funding to complete minor repairs, a large initial deposit to the replacement reserve account and generated debt service savings of $67,000 per year which will be used to fund supportive services and future project capital improvement needs. | Alvin, TX | | 9/28/06 | John Boyle O’Reilly Schools Apartments
RMC provided a $2,385,600 loan under the HUD 223(f) program to refinance John Boyle O’Reilly Schools Apartments, a 32-unit elderly complex located in Boston, Massachusetts. Working with Rockport Mortgage, the borrower was able to obtain HUD's approval to prepay the mortgage and preserve the property through a new low-income use agreement, which keeps the property affordable until the year 2029. The owner obtained funding to complete $260,000 in repairs, earned a developer’s fee of $39,000, and generated debt service savings of $22,000 per year which will be used to fund supportive services and future project capital improvement needs. | Boston, MA | | 9/28/06 | Cardinal Medeiros Manor
RMC provided a $4,007,300 loan under the HUD 223(f) program to refinance Cardinal Medeiros Manor, a 55-unit elderly complex located in Boston, Massachusetts. The loan was used to refinance their existing HUD 202 loan. Working with Rockport Mortgage, the borrower was able to obtain HUD's approval to prepay the mortgage and preserve the property through a new low-income use agreement, which keeps the property affordable until the year 2027. The owner obtained funding to complete $400,000 in repairs, earned a developer’s fee of $58,000, and generated debt service savings of $44,000 per year which will be used to fund supportive services and future project capital improvement needs. | Boston, MA | | 9/26/06 | Park Oaks Apartments
RMC provided a $6,619,800 loan, under the HUD 223(a)(7) program, for the refinancing of Park Oaks Apartments, a 250 unit multifamily housing complex located in Cleveland, TN. The project was previously financed under the HUD 223(f) program. The loan term of the Section 223(a)(7) refinance was extended back to the original 35 year term of the prior loan. In addition to generating substantial debt service savings, the borrower was able to fund a significant incremental deposit to the replacement reserves for future property needs. | Cleveland, TN | | 9/26/06 | Park Crest Apartments
RMC provided a $2,753,900 loan under the HUD 223(a)(7) program, for the refinancing of Park Crest Apartments, located in Athens, Tennessee. The multifamily housing complex consists of 160 units. The project was previously financed under the HUD 223(f) program. The loan term of the Section 223(a)(7) refinance was extended back to the original 35 year term of the prior loan. In addition to generating substantial debt service savings, the borrower was able to fund a significant incremental deposit to the replacement reserves for future property needs. | Athens, TN | | 9/25/06 | Sharlo Terrace Apartments RMC provided a $2,082,500 loan, under the HUD 223(a)(7) program, for the refinancing of Sharlo Terrace Apartments, located in Baton Rouge, Louisiana. The property was originally financed under the HUD 221(d)(4) program. The loan term of the Section 223(a)(7) refinance was extended 12 years beyond the remaining term of the original loan term. The affordable housing complex consists of 90 units. The new loan increased the property’s cash flow, and provided funds for needed repairs. | Baton Rouge, LA | | 8/24/06 | Elm Street Apartments RMC provided a $1,330,100 loan, under the HUD 223(a)(7) program, for the refinancing of Elm Street Apartments, located in Baton Rouge, Louisiana. The property was originally financed under the HUD 221(d)(4) program. The loan term of the Section 223(a)(7) refinance was extended 12 years beyond the remaining term of the original loan term. The affordable housing complex consists of 60 units. The new loan increased the property’s cash flow and provided funds for needed repairs. | Baton Rouge, LA | | 8/22/06 | Crown and Eagle Apartments: RMC provided a HUD 223(f) loan for $5,773,100 to refinance Crown and Eagle Apartments, located Millville, Massachusetts. This 80-unit property was developed under HUD’s Section 202 Direct Loan Program. Working with Rockport Mortgage, the borrower was able to obtain HUD's approval to prepay the mortgage and preserve the property through a new low-income use agreement, which keeps the property affordable until the year 2024. The owner obtained funding to complete $1.2M in repairs, earned a developer’s fee of $182,000, and increased annual funding for supportive services by $11,000. | Millville, MA | | 7/28/06 | Bella Vista II
RMC provided new Section 223(f) financing for Bella Vista Phase II Apartments in the amount of $16,847,400. Located in New Haven, CT, the 468 unit property was originally financed under HUD’s Section 236 Program and assisted by Section 8 on some of the units. This preservation transaction involved Section 236 IRP Decoupling and a Mark Up to Market Renewal of the Section 8 contract, thus extending affordability of the project until 2023. | New Haven, CT | | 5/31/06 | Rockdale House
RMC provided a $2,259,000 loan, under the HUD 223(f) program, for the refinancing of Rockdale House Apartments, located in Northbridge, MA. The property was originally financed under the HUD 202 program. The affordable housing project consists of 40 units. | Northbridge, MA | | 5/31/06 | New Horizons
RMC provided a $2,236,900 loan, under the HUD 223(f) program, for the refinancing of New Horizons Apartments, located in Worcester, MA. The property was originally financed under the HUD 202 program. The affordable housing project consists of 34 units. | Worcester, MA | | 5/30/06 | Woolen Mill Apartments
RMC provided a $8,700,000 loan for the refinancing of The Woolen Mill Apartments in Winooski, Vermont. RMC provided the 35-year fixed rate self-amortizing loan. This loan was the first to be closed in New England utilizing HUD’s new Multifamily Accelerated Processing (“MAP”) program. | Winooski, VT | | 5/18/06 | Slater Estates
RMC provided a $4,250,500 loan for the refinancing of Slater Estates, located in Webster, MA under the HUD 223(f) program. The property was originally financed under the HUD 202 program. The affordable housing project consists of 70 units. | Webster, MA | | 5/18/06 | Groton Commons
RMC provided a $2,588,800 loan for the refinancing of Groton Commons, located in Groton, MA. The deal was closed under the HUD 223(f) program. The property was originally financed under the HUD 202 program. The affordable housing project consists of 34 units. | Groton, MA | | 5/18/06 | Atwood Acres
RMC provided a $3,728,300 loan for the refinancing of Atwood Acres, located in Townsend, MA. The deal was closed under the HUD 223(f) program. The property was originally financed under the HUD 202 program. The affordable housing project consists of 50 units. | Townsend, MA | | 3/16/06 | Royal Gardens
RMC provided a $3,414,000 loan for the refinancing of Royal Gardens, a multifamily complex in Concord, NH. The 150 unit project was refinanced under the HUD 223(a)(7) program. | Concord, NH | | 3/16/06 | Concord Gardens
RMC provided a $3,500,500 loan for the refinancing of Concord Gardens, a multifamily complex in Concord, NH. The 150 unit project was refinanced under the HUD 223(a)(7) program. | Concord, NH | | 1/23/06 | Hayfield Senior Housing
RMC provided a $838,600 loan for the refinancing of Hayfield Senior Housing, Hayfield, MN. The project was developed for very low-income elderly/disabled residents, and consists of one three-story building with 24 units. A project based Section 8 HAP contract covers all of the units. The project was funded through HUD’s 202 loan program and refinanced under the premise of HUD Notice H02002-16/04-21 and FHA’s 223(f) program. | Hayfield, MN | | 1/18/06 | McNamara House
RMC provided a $4,080,000 loan for the refinancing of McNamara House, located in Allston, MA. The loan was closed under the HUD 223(f) program. The property was originally financed under the HUD 202 program. The affordable housing project consists of 80 units. | Allston, MA | | | | | | | 12/13/05 | Emmanuel Village
RMC provided a $5,444,200 loan for the refinancing of Emanuel Village, a multi-family apartment complex, located in Worcester, MA. The property was refinanced under the HUD 223(f) program. The apartment complex, consisting of 75 units, was originally refinanced under the HUD 202 program. The subject is well established in the market area, operating for nearly 14 years. Emanuel Village offers a standard set of amenities and unit types which appeals to the existing market. | Worcester, MA | | 11/11/05 | Broadway Estates
RMC refinanced Broadway Estates, located in Greenville, MS. Closed under the HUD 223(a)(7) program, RMC provided a loan of $478,300 which refinanced the existing HUD 236 loan. | Greenville, MS | | 10/20/05 | Quaker Hill Place
RMC refinanced Quaker Hill Place, a multi-family apartment complex, located in Wilmington, DE under the HUD 223(a)(7) program. RMC provided a loan of $7,528,400 for the 151 unit apartment complex. | Wilmington, DE | | 7/2005 | Royal Suites Rehabilitation Center
RMC arranged a conventional construction financing for the Royal Suites Rehabilitation Center in Galloway, NJ. It is a 372-bed skilled nursing facility. The loan amount was $22,400,000 for Phase 1 of construction and $11,600,000 for Phase II. | Galloway, NJ | | 7/2005 | The LaChance Center
RMC has arranged a conventional acquisition loan for The LaChance Center, a 120 bed skilled nursing facility in Gardner, MA. The loan amount was $4,300,000. | Gardner, MA | | 7/22/2005 | Charles Place
Rockport Mortgage Corporation is pleased to announce the closing of Charles Place Apartments in Providence, RI. The multifamily apartment complex was refinanced under the HUD 221(d)4 program at $10,051,300. | Providence, RI | | 5/26/2005 | The Courtyard Apartments
RMC provides $1,286,100 for the refinancing of The Courtyard Apartments located in Elizabethton, TN. The project was refinanced under the HUD 223(a)7 program. | Elizabethton, TN | | 4/28/2005 | Maplewood Apartments
RMC closes a $1,382,400 loan on Maplewood Apartments in Poughkeepsie, NY. The affordable housing project was closed under the FHA OMHAR program. | Poughkeepsie, NY | | 4/27/2005 | Francis Cabot Lowell I & II
RMC would like to announce the closing of Francis Cabot Lowell I and II. Both properties are located in Waltham, MA.The deal was closed under the HUD 223(f) program at a loan amount of $34,000,000. | Waltham, MA | | 4/20/2005 | Larrabee Heights
Rockport Mortgage Corporation announced that the firm has provided a $2,160,000 loan under the HUD Section 223(f) mortgage program to Larrabee Heights Apartments located in Westbrook, ME. Larrabee Heights Apartments consists of a total of 36 units in seven separate buildings. | Westbrook, ME | | 3/31/2005 | Centre Ville
RMC provides Centre Ville with a $2,570,000 to refinance the affordable housing project. Centre Ville, located in Lewiston, ME, was refinanced under the HUD 223(a)7 program. | Lewiston, ME | | 3/03/2005 | Oakwood Village
RMC closes a $4,073,800 loan on Oakwood Village in Sachary, LA. The assisted living facility was refinanced under the HUD 223(f) program. | Sachary, LA | | 3/01/2005 | Langdon Place, Keene
RMC closes a $5,874,900 loan on Langdon Place in Keene, New Hampshire. The assisted living facility was refinanced under the HUD 223(a)7 program. | Keene, NH | | 1/21/2005 | West Broadway
West Broadway Apartments, located in Newport, Rhode Island, is a 115-unit project that was refinanced under the HUD 223(a)(7) program for $6,645,000. | Norwalk, CT | | 1/20/2005 | Park Gardens
Park Gardens Apartments is a 38-unit project located in Roxbury, Ma. It was refinanced under the HUD 223(f) program for $3,045,000. | Boston, MA | | 1/20/2005 | Broad River Homes
Broad River Apartments is a 49-unit elderly 202 project that was refinanced under the HUD 223(f) program for $2,500,000. | Norwalk, CT | | | | | | | 10/19/2004 | RMC closes a $9,450,000 construction and permanent loan for Arbors at Westfield. The property is a 90-unit assisted living facility, to be located in Westfield, Massachusetts. The property was financed under the HUD 232 program. | Westfield, MA | | 9/20/2004 | RMC provides a $7,858,800 loan to refinance both MI Residential II and III. The MI Residential Community was originally built under the HUD 202 program and was refinanced under the HUD 223(f) program. MI Residential II consists of 106 units and MI Residential III has 88 units and both buildings are located in Lawrence, Massachusetts. | Lawrence, MA | | 9/17/2004 | RMC closes $1,320,000 loan on Hillside Farm Apartments, located in Hebron, Connecticut. Hillside Farm Apartments consists of a total of 32 units in four separate buildings. The property was financed under the HUD 223(f) program. | Hebron, CT | | 8/25/2004 | RMC closes a $7,250,000 loan on Epoch Assisted Living on the East Side, an assisted living facility located in Providence, Rhode Island. The property will consist of 102 units. The loan was financed under Freddie Mac. | Providence, RI | | 8/12/2004 | RMC closes a $4,505,500 loan on Cathedral Square Apartments, located in Providence, Rhode Island. The property was financed under the HUD 223(a)7 program. | Providence, RI | | 7/20/2004 | RMC provides a $5,964,300 loan to San Lorenzo Park Apartments, located in Santa Cruz, California. The property was refinanced under the 223(f) program | Santa Cruz, CA | | 7/13/2004 | RMC provides South Kingston Nursing & Rehabilitation Center with a $1,799,000 loan under the HUD 241 program. The property is located in South Kingston, Rhode Island. The HUD 241 loan is unique in that the funding is both for the construction loan and the permanent loan, and it is non-recourse. | South Kingston, RI | | 06-08-04 | RMC provides Cronin III apartments with a $5,300,000 loan to refinance the apartment complex. Cronin III Apartments is located in the Greater Boston Area. | Boston, MA | | 05-20-04 | RMC provides Saint Helena’s House Apartments with a $4,700,000 for the refinancing of the 159-unit apartment, in Boston Massachusetts. The property was originally built under the HUD 202 program and was refinanced under the HUD Section 223(f) MAP program. | Boston, MA | | 05-20-04 | RMC provides Inter-Church Elderly Apartments, located in New Bedford, MA, with a $2,905,500 loan for the refinancing and renovation of the 4-story, 44-unit apartment complex built under HUD Section 202 program to serve the elderly. | New Bedford, MA | | 4/30/2004 | RMC provides Bates Terrace with a $790,000 loan to refinance the apartment complex in Lewiston, Maine. The 26-unit apartment complex was refinanced as part of the OMHAR Section 223(a)(7) Mark-to-Market program. | Lewiston, ME | | 4/23/2004 | RMC provides Chestnut Place with a $1,525,000 loan to refinance the (unit) apartment complex. The property was refinanced under the HUD Section 223(a)(7) program. | | | 01-26-04 | RMC closes $15,569,000 loan, under the HUD Section 221(d)(4) program, for the construction and permanent financing of Evergreens at Mahan Drive. The 209-unit Apartment Project will be built in Tallahassee, Florida. | Tallahassee, FL |  | | | | | |
