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.

06/24/10
Providence, RI

Colony House RMC provided a $4,640,000 loan under the HUD 223(f) program to refinance Colony House Apartments. The loan assisted in funding the needed repairs, the replacement reserves, and to withdraw equity. The project consists of a single 9-story apartment building with 101 units – 93 single-bedroom units and eight 2-bedroom units. The project is occupied by elderly and disabled tenants and all units are covered by a project-based Section 8 rent contract.

06/19/10
Poughkeepsie, NY

Poughkeepsie Village Senior Citizen Apartments RMC provided a $1,752,800 loan under the HUD 223(a)(7) program to refinance Poughkeepsie Village Senior Citizen Apartments. The property consists of one two-story apartment building containing 50 residential units and one single-story office building. The purpose of the loan was to refinance the existing debt, fund the replacement reserves, and the loan also helped fund the required repairs to the property.

06/15/10
Manning, SC

Wisteria Way Apartments RMC provided a $1,305,200 loan under the HUD 223(f) program to refinance Wisteria Way Apartments. The loan allowed for the refinancing of the existing HUD 202 loan, and also funded the repairs, closing costs, and the replacement reserves. The property consists of eight studio and 22 one-bedroom units contained in eight single-story garden style apartment buildings.

06/15/10
Greenville, SC

Gandy Allmon Manor I Apartments RMC provided a $1,934,900 loan under the HUD 223(f) program to refinance Gandy Allmon Manor I Apartments. The loan allowed for the refinancing of the existing HUD 202 loan, funded the repairs and replacement reserves, and provided debt service savings. The property consists of one three-story residential building that contains 39 units for elderly/handicapped residents.

06/11/10
Austin, TX

Malibu Apartments RMC provided a $16,203,400 loan under the HUD 221(d)(4) program to acquire and provide a substantial rehabilitation to Malibu Apartments. The substantial rehabilitation completed at this property included significant interior improvements to the apartment units, major site and exterior work, and the addition and improvement of common area amenities. The project is an existing market rate 476-unit multifamily development. The property currently offers 276 efficiency units, 112 one-bedroom units, and 88 two-bedroom units.

05/13/10
Providence, RI

Pierce Manor Apartments RMC provided a $4,878,000 loan under the HUD 223(f) program to refinance Pierce Manor Apartments. The loan allowed for the refinancing of the existing HUD 202 loan, repaid the note payable and accrued interest, and funded the replacement reserves. The project consists of one six-story, 84-unit age-restricted apartment complex with 79 one-bedroom and 4 two-bedroom units. The subject also includes a one-bedroom unit that is utilized for storage purposes only.

04/21/10
Naples, FL

Shadowwood Park Apartments RMC provided a $4,548,100 loan under the HUD 223(a)(7) program to refinance Shadowwood Park Apartments. The property consists of 96 units and was previously refinanced under the HUD 223(f) program. The purpose of the loan was to refinance the existing debt, fund the replacement reserves, and the loan also helped fund the required repairs to the property.

04/20/10
Fort Wayne, IN

Orchard Place Apartments RMC provided a $2,584,000 loan under the HUD 223(f) program to refinance Orchard Place Apartments. The project is comprised of ten single- and 2-story apartment buildings with a total of 80 rental units. The purpose of the loan was to refinance the existing debt, fund the needed repairs, and fund the replacement reserves.

04/16/10
Lancaster, SC

Pardue Street Apartments RMC provided a $6,165,300 loan under the HUD 221(d)(4) program to provide a substantial rehabilitation to Pardue Street Apartments. The project is a 165-unit multifamily apartment complex. The substantial rehabilitation included extensive repairs to all units, common areas, exterior finishes and the landscape.

03/22/10
West Columbia, SC

Asbury Arms RMC provided a $1,929,000 loan under the HUD 223(f) program to refinance Asbury Arms. The multifamily project consists of 14 one-story buildings, which total 56 units. The loan funded needed repairs and the replacement reserves.

03/16/10
Union City, GA

Woodbridge at Parkway Village Apartments RMC provided a $9,653,600 loan under the HUD 221(d)(4) program to finance the development of Woodbridge at Parkway Village Apartments. The project will consist of 150 new affordable units for the elderly. The project will be operated as a mixed-income community that includes ninety-eight units targeted to households earning less than 60% of the Area Median Income (AMI). These ninety-eight units will be assisted by a Project-Based Rental Assistance contract with the Atlanta Housing Authority. The remaining fifty-two units are reserved for households earning less than 30% of the AMI. The sources of funding came from the HUD 221(d)(4) program, Hope IV funds, and TCAP funds.

03/10/10
Hebron, KY

Country Place Apartments RMC provided a $6,587,500 loan under the HUD 223(f) program to finance the acquisition and rehabilitation of Country Place Apartments. The funding for the multifamily apartment project included both the HUD 223(f) FHA insured mortgage and funds under the Tax Credit Assistance Program (TCAP). The HUD loan provided funding for the acquisition, and funded the needed repairs and replacement reserves for 20 one- and two-story residential buildings, which total 150 units.

02/26/10
Austin, TX

Elm Ridge Apartments RMC provided a $5,200,000 loan under the HUD 221(d)(4) program to acquire and substantially rehabilitate Elm Ridge Apartments. Elm Ridge Apartments is an existing 130-unit garden-style apartment complex, consisting of fourteen 2-story apartment buildings. The loan allowed for a complete renovation for thirteen units and upgrades to the remaining units.

02/25/10
Richmond, VA

The Shannon Townhomes RMC provided a $10,795,000 loan under the HUD 223(f) program to refinance The Shannon Townhomes. The purpose of the loan was to refinance the existing debt on the project, fund repairs, and fund an initial deposit to the replacement reserves. The project is comprised of twenty 2-story buildings totaling 156 units.

02/17/10
Randolph, MA

Rosemont Square RMC provided a $43,950,000 loan under the HUD 223(f) Multifamily Accelerated Processing Program to refinance Rosemont Square. The purpose of the refinancing is to pay-off the existing indebtedness, fund a repair escrow for proposed improvements and fund an initial deposit to the replacement reserve account. The project is comprised of seventeen 3-story buildings that total 383 units.

01/12/10
Stamford, CT

58 Progress Drive RMC provided a $13,233,600 loan under the HUD 221(d)(4) program to finance the development of 58 Progress Drive. The project contains 95 units. The project is designed as mixed income, with 57 units restricted as affordable and 38 units at market rate. Thirty five of the affordable units will have project based section 8 vouchers provided through the Stamford Housing Authority. Equity for the project was provided through Exchange Funds that were awarded to the developer pursuant to Section 1602 of the American Recovery and Reinvestment Act of 2009 ("ARRA"). The project also received secondary loans from the DECD, the city of Stamford, and the project sponsor

12/16/09
Seneca, SC

Greenfield Apartments RMC provided a $1,448,000 loan under the HUD 223(f) program to refinance Greenfield Apartments. The property consists of seven 2-story apartment buildings and one single-story leasing/laundry/maintenance building. There are a total of 52 rental units. In addition, the site includes a playground and children’s play area. The subject was formerly operated as a Section HUD 236 project. The purpose of the loan was to fund repairs to the property and fund the replacement reserves.

12/16/09
Laurens, SC

Laurens Terrace Apartments RMC provided a $1,904,000 loan under the HUD 223(f) program to refinance Laurens Terrace Apartments. The property consists of eight 2-story apartment buildings and one single-story leasing/laundry/maintenance building. There are a total of 60 rental units. The subject was formerly operated as a Section HUD 236 project. The purpose of the loan was the fund repairs to the property and to fund the replacement reserves.

12/16/09
Chester, SC

Chester Manor Apartments RMC provided a $928,000 loan under the HUD 223(f) loan program to refinance Chester Manor Apartments. The property consists of five 2-story apartment buildings and includes 36 units, all of which are covered by an existing Section 8 contract. The purpose of the loan was to fund repairs to the property and to fund the replacement reserves.

12/16/09
Geneso, NY

Upper South Street Apartments RMC provided a $1,606,500 loan under the HUD 223(f) program to refinance Upper South Street Apartments and its existing HUD 202 loan. The apartment complex consists of a single 2-story building containing 46 rental units for low to moderate-income senior households. The property is assisted by a Section 8 Housing Assistance Payment contract on 45 of the 46 rental units. The refinance allowed for the prepayment of the Section 202 mortgage, fund repairs to the property, fund the replacement reserves, and generate debt service savings for the project.

11/17/09
Billings, MT

Big Sky Apartments RMC provided a $1,926,500 loan under the HUD 223(f) program to refinance Big Sky Apartments. The property consists of two 2-story and two 3-story apartment buildings and one single-story leasing/maintenance building. The four apartment buildings contain a total of 80 rental units. The purpose of the loan was the refinance the mortgagor's existing HUD 221(d)(3) loan, fund repairs to the property, and fund the replacement reserves.

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.

10/14/09
Huntsville, AL

Governor's House Apartments RMC provided a $7,259,000 loan under the HUD 223(f) program to refinance Governor's House Apartments and its existing loan. The purpose of the loan was to also to fund repairs and replacement reserves. The project consists of 10 two-story apartment buildings with a total of 146 units.

10/1/09
Norwich, CT

Norwich Apartments RMC provided a $4,991,200 loan under the HUD 223(f) program to refinance Norwich Apartments. The property consists of 100 units in 11 two-story garden and townhouse style apartment buildings.

10/1/09
Meriden, CT

Crestwood Park II Apartments RMC provided a $7,026,000 loan under the HUD 223(f) program to refinance Crestwood Park II Apartments. The property consists of 150 units in 12 two-story garden and townhouse style apartment buildings.

10/1/09
Meriden, CT

Brookside Apartments RMC provided a $1,288,800 loan under the HUD 223(f) program to refinance Brookside Apartments. The property consists of 32 units in 4 two-story garden and townhouse style apartments.

9/30/09
Meriden, CT

Stonegate Apartments RMC refinanced two mortgages on Stonegate Apartments. The first mortgage was refinanced under the HUD 223(a)(7) program at a loan amount of $5,626,600. The second mortgage was refinanced under the HUD 223(f) program at a loan amount of $5,932,600. The multifamily apartment complex consists of 216 units.

9/30/09
Meriden, CT

Oakland Gardens RMC refinanced two mortgages on Oakland Gardens. The first mortgage was refinanced under the HUD 223(a)(7) program at a loan amount of $1,525,600. The second mortgage was refinanced under the HUD 223(f) program at a loan amount of $2,122,000. The property consists of 80 garden and townhouse style apartments in 5 two-story buildings.

9/28/09
North Providence, RI

Stone Ridge Apartments RMC provided a $1,315,100 loan under the HUD 223(a)(7) program to refinance Stone Ridge Apartments, located in North Providence, Rhode Island. The complex consists of 46 rental units.

7/21/09
Denver, CO

Belmont/Monte Vista Homes RMC provided a $2,060,000 loan under the HUD 223(f) program to refinance both Belmont Homes and Monte Vista Homes, located in an adjacent lot in Denver, Colorado. The new loan also refinanced the existing HUD 202 loan. Belmont Homes consists of 32 one-bedroom units for seniors and Monte Vista Homes consists of 17 one-bedroom units for seniors. Together the projects consists of forty-nine units, spread throughout four one-story apartment buildings and one two-story community building. The refinancing allowed for the prepayment of the Section 202 mortgage, fund repairs and adequately fund replacement reserves.

7/7/09
Lawrence, MA

Fidelity House RMC provided a $842,800 loan under the HUD 223(f) program to refinance Fidelity House Apartments and its existing HUD 202 loan. The property provides affordable housing to low-income mentally disabled residents. Fidelity House consists of two 3-story buildings consisting of 14 total units. The purpose of the loan was also to generate substantial funding for improvements to the facility and fully fund the replacement reserves.

6/4/09
Lee, MA

Hyde Place Apartments RMC provided a $1,840,000 loan under the HUD 223(f) program to refinance Hyde Place Apartments and its existing HUD 202 loan. The property consists of one 3-story building containing 41 age restricted units. Bostwick Gardens is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all 41 units. The refinancing allowed for the prepayment of the Section 202 mortgage, fund repairs, and fund replacement reserves.

6/4/09
Great Barrington, MA

Bostwick Gardens RMC provided a $1,598,000 loan under the HUD 223(f) program to refinance Bostwick Gardens and its existing HUD 202 loan. The property consists of one 2-story building containing 29 total units. Bostwick Gardens is assisted by a Section 8 Housing Assistance Payment (HAP) contract on 28 of 29 of the subject units. The refinancing allowed for the prepayment of the Section 202 mortgage, fund repairs, and fund replacement reserves.

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.

4/20/09
Elk River, MN

Guardian Angels Homes RMC provided a $3,557,900 loan under the HUD 223(f) program to refinance Guardian Angels Homes and its existing HUD 202 loan. Guardian Angels Homes consists of three scattered site properties: Guardian Oaks, Woodbriar Apartments and Pine Tree Manor. The three properties consist of 103 total units, including 98 single-bedroom units and five two-bedroom units. The purpose of the loan was to refinance the existing debt, lower debt service payments, generate funds to complete repairs, and fund the replacement reserves.

3/19/09
Atlanta, GA

Atlanta Handicapped Manor RMC provided a $1,785,000 loan under the HUD 223(f) program to refinance Atlanta Handicapped Manor and its existing HUD 202 loan. The property consists of a single, two-story building containing 24 age restricted rental apartment units. The purpose of the loan was to provide funds for repairs and to fund replacement reserves.

2/18/09
Sheridan, WY

Heritage Towers of the Christian Church RMC provided a $2,171,000 loan, under the HUD 223(f) program to refinance Heritage Towers of the Christian Church and its existing HUD 202 loan. The multifamily apartment project is located in Sheridan, Wyoming. The project is a 75-unit elderly/handicapped housing development. All units are single-bedroom units. The refinancing allowed for the prepayment of the Section 202 mortgage, funded needed repairs, and adequately funded the replacement reserves.

2/10/09
Daytona, FL

Central Manor Apartments RMC provided a $4,805,800 loan, under the HUD 223(f) program to refinance Central Manor Apartments and its existing HUD 202 loan. The project is located in Daytona, Florida. The elderly housing complex consists of 154 units. The purpose of the loan was to refinance the existing debt, fund the reserves, and fund the needed repairs.

1/20/09
Omaha, NE

Community Alliance Housing Corporation RMC provided a $1,354,000 loan, under the HUD 223(f) program to refinance Community Alliance Housing Corporation and its existing HUD 202 loan, as well as the existing loans for Community Alliance II and III. The property is located in Omaha, Nebraska. The proposed loan will combine three existing Section 202 loans into one Section 223(f) loan. Community Alliance Housing Corporation currently consists of four apartment buildings with a total of 24 units. Community Alliance Housing Corporation II and III consist of a single group home each with 8-revenue, and 1 non-revenue producing unit each.

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.

12/16/08
Marshfield & Carver, MA

Prence Grant Meadowbrook Apartments RMC provided a $4,179,900 loan under the HUD 223(f) program to refinance Prence Grant Meadowbrook Apartments and its existing HUD 202 loan. The property is located in both Marshfield and Carver, Massachusetts. The properties consist of 30 units in eight, one-story buildings. The purpose of the refinancing was to pay off the existing HUD 202 loan, fund needed repairs and fully fund the replacement reserves.

11/17/08
Orlando, FL

College Park Towers RMC provided a $4,874,200 loan under the HUD 223(f) program to refinance College Park Towers and its existing HUD 202 loan. The property is located in Orlando, FL. The project is comprised of 102 one-bedroom units, including 89 regular bedrooms, 6 partial handicapped one-bedrooms, and 7 full handicapped one-bedroom, contained in a single 7-story building. The residents are comprised of low-income elderly and handicapped individuals. This refinancing allowed for the prepayment of the Section 202 Mortgage, fund repairs, and adequately fund the replacement reserves.

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.

10/16/08
Malden, MA

Malden Towers RMC provided a $22,292,100 loan under the HUD 223(f) program to refinance Malden Towers, located in Malden, MA. The property consists of a single, 26 year old 11-story building. The purpose of the loan was the refinance the property's existing HUD 223(f) loan, fund a substantial initial deposit to reserves and withdraw equity.

10/16/08
Pittsfield, MA

Epworth Arms RMC provided a $2,256,900 loan, under the HUD 223(f) program, to refinance Epworth Arms Apartments and its existing HUD 202 loan. The property, located in Pittsfield, MA, consists of one 3-story building containing 39 age-restricted units. This refinancing will provide debt service savings, allow for the prepayment of the Section 202 Mortgage, fund over $280,000 in repairs to the subject property, and fully fund the replacement reserves.

8/19/08
Meriden, CT

Rose Gardens Apartments RMC refinanced two mortgages for Rose Gardens Apartments. The first mortgage was refinanced under the HUD 223(f) program at a loan amount of $1,865,300 and the second mortgage was refinanced under the HUD 223(a)(7) program at a loan amount of $3,088,800.

8/19/08
Middletown, CT

Parkside Gardens Apartments RMC refinanced two mortgages for Parkside Gardens Apartments. The first mortgage was refinanced under the HUD 223(f) program at a loan amount of $2,355,800 and the second mortgage was refinanced under the HUD 223(a)(7) program at a loan amount of $3,772,500. The project consists of 164 townhouse and garden style units that are contained in seventeen 2-story buildings.

8/19/08
Birmingham, AL

Hillside Gardens Apartments RMC refinanced two mortgages on Hillside Gardens Apartments. The first mortgage was refinanced under the HUD 223(f) program at a loan amount of $1,633,400. The second mortgage was refinanced under the HUD 223(a)(7) program at a loan amount of $2,511,000. The property consists of 100 units contained in five garden and townhouse buildings.

8/19/08
Meriden, CT

Crestwood Park I Apartments RMC refinanced two mortgages on Crestwood Park I Apartments, located in Meriden, Connecticut. The first mortgage was refinanced under the HUD 223(f) program at a loan amount of $1,550,100. The second mortgage was refinanced under the HUD 223(a)(7) program at a loan amount of $2,232,900. Crestwood Park I Apartments consists of 100 rental units, which are contained in thirteen garden-style buildings.

8/12/08
Thibodaux, LA

Bayou Reserve Apartments RMC provided a $19,334,600 construction and permanent loan under the HUD 221(d)(4) program to finance the development of Bayou Reserve Apartments. The project will consist of ten 3-story apartment buildings containing 240 units, including one hundred and twenty single-bedroom units and one hundred and twenty 2-bedroom units. An additional clubhouse with a fitness facility was included in the construction of the property.

7/30/08
Bossier, LA

White Oaks Apartments RMC provided a $1,821,800 loan under the HUD 223(a)(7) program to refinance White Oaks Apartments. The property was originally constructed and financed under the HUD 221(d)(4) program. The project has a total of 88 units.

7/16/08
Danville, VA

North Hills Apartments RMC provided a $3,402,200 loan under the HUD 221(d)(4) program to finance the acquisition and substantial rehabilitation of North Hills Apartments, located in Danville, Virginia. The project is an existing 114 unit garden apartment complex including nine 3-story buildings and two 2-story buildings. As part of the substantial rehabilitation, an additional two-bedroom unit and three-bedroom unit were added, resulting in a total of 116 units. The project was previously a HUD 236 project and entailed a decoupling of the IRP.

6/19/08
Framingham, MA

Sherwood Park Apartments RMC provided a $9,352,000 loan under the HUD 223(f) program to refinance Sherwood Park Apartments. The project consists of 82 townhouse style apartment units in eleven 2-story buildings. 30 of the units are assisted by a Section 8 Housing Assistant Payments (HAP) contract.

6/18/08
Bridgeport, CT

Laurelwood Place Apartments RMC provided a $4,409,600 loan under the HUD 223(f) program to refinance Laurelwood Place Apartments and its existing HUD 202 loan. The project consists of one 11-story building containing the 100 rental units for low-income senior households.

6/6/08
St. Louis, MO

St. Louis Village RMC provided a $1,749,200 loan under the HUD 223(f) program to refinance St. Louis Village and its existing HUD 202 loan. The complex consists of three 1-story apartment buildings containing 24 total units and is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all 30 of its units. The purpose of the loan was to refinance the existing debt on the project, lower debt service payments, generate funds for future repairs and fund replacement reserves for future capital improvements.

5/29/08
Brighton, MA

Camelot Court Apartments RMC provided $21,000,000 under the HUD 223(f) program to refinance Camelot Court Apartments. The property consists of two 7-story buildings consisting of 160 units, as well as a community room and a computer learning center. The multifamily project was built in 1968 and has been very well maintained.

5/21/08
Birmingham, AL

Don L. West Teamster Manor RMC provided a $1,524,200 loan under the HUD 223(f) program to refinance Don L. West Teamster Manor's existing HUD 202 loan. The property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all of its 30 units. The refinancing allowed for the prepayment of the Section 202 mortgage, funded money for repairs, and fully funded the replacement reserves.

5/13/08
Balch Springs, TX

Charles E. Haddock RMC provided a $1,448,200 loan under the HUD 223(f) program to refinance Charles E. Haddock's existing HUD 202 loan. The property consists of four 1-story buildings containing 24 total units and the property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all of its units. The refinancing allowed for the prepayment of the Section 202 mortgage, funded money for repairs, and adequately funded the replacement reserves.

4/17/08
Perrysburg, OH

Louisiana House Apartments RMC provided a $4,231,400 loan under the HUD 223(f) program to refinance Louisiana House Apartments and its existing HUD 202 loan. The property consists of twenty three single-story buildings containing a total of 132 rental units for seniors and disabled residents. Louisiana House is assisted by a Section 8 (HAP) contract covering all 132 units. The refinancing included the prepayment of the existing Section 202 mortgage, funded money for repairs to the subject property, provided a deposit to replacement reserves with a combination of loan proceeds and the transfer of existing reserves, and resulted in annual debt service savings.

4/17/08
Worcester, MA

James J. Millet Teamster Village RMC provided a $2,442,100 loan under the HUD 223(f) program to refinance James J. Millet Teamster Village's existing HUD 202 loan. The property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all of its units and consists of five single-story buildings containing 24 age-restricted apartment units. The refinancing allowed the prepayment of the Section 202 mortgage, funded money for repairs, and fully funded the replacement reserves.

3/27/08
Bridgeport, OH

Multi-Counties Apartments RMC provided a $1,199,800 loan to refinance Multi-Counties Apartments' existing HUD 202 loan. The property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all of its units. The refinancing provided additional site improvements, including new asphalt parking and landscaped areas. The refinance met the programmatic debt service savings requirement and provided sufficient initial and ongoing deposits to replacement reserves for the long term.

3/25/08
Minneapolis, MN

Teamster Manor of Minnesota RMC provided a $1,263,000 loan under the HUD 223(f) program to refinance Teamster Manor of Minnesota's existing HUD 202 loan. The property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all of its 24 units. The property consists of seven single-story apartment buildings and one single-story office/laundry building. The purpose of the loan was to refinance the existing debt, lower debt service payments, generate funds to make repairs, and fund replacement reserves for future capital improvements.

2/29/08
Dayton, TX

Dayton Park III Apartments RMC provided a $2,184,400 loan under the HUD 223(a)(7) program to refinance Dayton Park III Apartments, located in Dayton, Texas. The multifamily project is comprised of 72 units. The facility was originally financed in 1998 under the HUD 221(d)(4) program. The purpose of the loan was the lower the current debt service payments.

1/24/08
Boston, MA

Stony Brook Commons RMC provided a $45,000,000 loan under the HUD 223(f) program to refinance Stony Brook Commons, located in Boston, Massachusetts. The property consists of twenty five 2-story and 3-story structures containing 540 total townhouse and flat-style residential units as well as a modern community building and recreational areas. The loan refinanced the existing debt, funded a substantial initial deposit to reserves.

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.

12/13/07
Jacksonville, FL

Riverside Park Apartments RMC provided a $4,740,300 loan under the HUD 223(f) program to refinance Riverside Park Apartments' existing HUD 202 loan. The property consists of 90 units, all of which are assisted by a Section 8 Housing Assistance Payment (HAP) contract. The 9-story building provides housing for the elderly and disabled.

10/24/07
Albany, NY

St. Sophia Apartments RMC provided a $3,708,100 loan under HUD's Section 223(f) program to refinance St. Sophia Apartments, a 91-unit Section 202/Section 8 elderly property. Reserve and loan proceeds were used to fund $457,225 in year-one repairs, an initial reserve deposit of $189,781, a developer fee of $68,824, payoff of the existing 9.25% loan and all transaction costs. Annual debt service savings of $70,587 will be retained by the project and used for items that will benefit the elderly and disabled residents.

10/23/07
Hixson, TN

John Calvin Apartments RMC provided a $5,340,000 loan, under the HUD 221(d)(4) program to finance John Calvin Apartments. The proceeds of the loan will provide for the substantial rehabilitation and refinance of the property's existing HUD 202 Direct loan. The property consists of 95 single bedroom units and houses the elderly and handicapped individuals.

10/19/07
Lincoln, NE

Union Manor Apartments RMC provided a $1,376,400 loan, under the HUD 223(f) loan to Union Manor Apartments to refinance its existing HUD 202 loan. The project consists of 56 units and is assisted by a Section 8 Housing Assistance Payment contract.

10/18/07
Hubbardston, MA

Hubbarston House Apartments RMC provided a $2,340,700 loan under the HUD 202 program to refinance Hubbardston House and its existing HUD 223(f) loan. The property, is assisted by a Section 8 Housing Assistance Payment contract. Hubbardston Elderly Housing consists of two 2-story building containing 36 rental apartment units for seniors and disabled households.

9/27/07
Norfolk, VA

Calvary Towers RMC provided a $4,162,400 loan under HUD's Section 223(f) program to refinance Calvary Towers, a 112-unit Section 202/Section 8 elderly property. Loan proceeds were used to fund $107,275 in year-one repairs, an initial reserve deposit of $194,000, a developer fee of $16,653, payoff of the existing 9.25% loan and all transaction costs. Annual debt service savings of $51,437 will be retained by the project and used for items that will benefit the elderly and disabled residents.

9/19/07
Grand Forks, ND

Faith & Hope Homes RMC provided a $790,600 loan to refinance Faith and Hope Homes under the HUD 202 program. The property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all 24 units. Faith & Hope Homes consists of two 1-story group homes and one 2-story apartment building with a total of twenty-four units constructed in 1982-1983.

9/19/07
Williamstown, MA

Proprietors Fields RMC provided a $2,004,600 loan to refinance Proprietor Fields under the HUD 202 loan. Proprietor Fields consists of three 2-story apartment buildings and one single-story community building constructed in 1978. The buildings contain 60 rental apartment units for seniors and disabled households.

9/12/07
Pennfield, NY

Crown Oak Estates RMC provided a loan of $2,511,300 to refinance Crown Oaks Estates. The project was refinanced under the HUD 223(a)(7), full restructuring Mark Down to Market program.

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.

9/6/07
West Warwick, RI

Monsignor DeAngelis Manor Apartments RMC provided a $3,216,900 loan under HUD's Section 223(f) program to refinance DeAngelis Manor Apartments, an 80-unit Section 202/Section 8 elderly property. Reserve and loan proceeds were used to fund $20,087 in year-one repairs, an initial reserve deposit of $256,950, payoff of the existing 9.25% loan and all transaction costs. Annual debt service savings of $76,000 will be retained by the project and used for items that will benefit the elderly and disabled residents.

8/21/07
East Lyme, CT

AHEPA 250 Apartments RMC provided a $3,096,400 loan under HUD's Section 223(f) program to refinance AHEPA 250 Apartments, a 54-unit Section 202/Section 8 elderly property. Loan proceeds were used to fund $280,813 in year one repairs, an additional reserve deposit of $152,000, a developer fee of $42,000, payoff of the existing 9% loan and all transaction costs. Annual debt service savings of $23,930 will be retained by the project and used for items that will benefit the elderly and disabled residents.

8/16/07
Hopkinton, RI

New Canonchet Cliffs RMC provided financing of $6,000,000 under the HUD 221(d)(4) program to New Canonchet Cliffs Apartments. The FHA/GNMA guarantee provides the credit enhancement for $6,000,000 in tax exempt bonds issued by the Providence Housing Authority. The project financing also involved 4% low income tax credits. The project previously consisted of two 202 projects. This loan will provide financing for the substantial rehabilitation of the 114 unit project.

8/15/07
Thompsontown, PA

Episcopal Gardens RMC provided a $2,040,900 loan to refinance Episcopal Gardens under the HUD 223(f) program. The purpose of the loan was to refinance the existing HUD 202 loan, complete repairs, recapitalize revenues and generate debt service savings. The elderly housing complex contains 50 rental units in a 3-story building.

8/15/07
Shippensburg, PA

Episcopal Towers RMC provided a $4,517,000 loan to refinance Episcopal Towers under the HUD 223(f) program. The purpose of the loan was to refinance the existing HUD 202 loan, complete repairs, recapitalize revenues and generate debt service savings. Episcopal Towers consists of two 3-story buildings containing a total of 95 rental units.

7/24/07
Omaha, NE

Corrigan Heights Apartments RMC provided a $1,056,000 loan, under the HUD 223(f) program to refinance Corrigan Heights Apartments and its existing HUD 202 loan. The property is assisted by a Section 8 Housing Assistance Payment. Corrigan Heights Apartments consists of one single-story building and one 2-story building consisting of 34 total units.

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.

6/14/07
Longmeadow, MA

Emerson Manor Apartments RMC provided a $5,965,800 loan to Emerson Manor Apartments using 501(c)(3) tax-exempt bonds and HUD's Section 221(d)(4) program. The project was originally financed under the Section 202/Section 8 program. The loan proceeds were used to pay off the existing loan, substantially rehabilitate the existing 68 units, and construct an additional 10 market-rate units. Existing replacement reserves and residual receipts were used, in part, to assist in funding the construction of a community center and a supportive service escrow for the elderly and disabled residents.

5/30/07
New Bedford, MA

Olympia Towers RMC provided a $4,9993,800 loan for Olympia Towers under the HUD 223(a)(7) program. Olympia Towers consists of 89 units.

4/12/07
Anoka, MN

Walker on the River RMC provided a $1,868,400 loan under the HUD 223(f) program to refinance Walker on the River's existing HUD 202 loan. The purpose of the loan was to refinance the existing debt of the project. Walker on the River is a 45 unit multifamily apartment complex. The 6-story building is an age-restricted complex constructed in 1987. The refinancing will benefit the residents, increase the overall marketability and condition of the property and insure the project remains in good condition for the remainder of the 24-year loan term.

4/12/07
St. Anthony, MN

Walker on the Kenzie RMC provided a $1,624,500 loan under the HUD 223(f) program for the refinancing of Walker on Kenzie. The 45 unit property is assisted by a Section 8 Housing Assistant Payments (HAP) contract. The complex consists of one 3-story apartment building.

1/23/07
Hinkley, MN

Mighty Fortress Manor RMC provided a $789,300 loan under the HUD 202 program for the refinancing of Mighty Fortress Manor, a multifamily project. The property is assisted by a Section 8 Housing Assistant Payments (HAP) contract on all 24 units. The property is well maintained and in excellent condition.