| | Joseph Mueller, C.E.O. of Rockport Mortgage Corporation announced that the firm has provided $44.26 million for the construction and permanent financing for Waterford Place at Hackett Hill Apartments. The project is a to be built market-rate 384 unit apartment property that will be located in Manchester, NH on Countryside Blvd. The community is being developed by Waterford Place, LLC and will consist of 104 one-bedroom units, and 280 two-bedroom units of various sizes and configurations located in 8 three-story garden style buildings. The site for the project is in excess of 66 acres, and will provide for extensive recreational amenities and outdoor activities. The clubhouse will have an indoor pool, exercise room, media center and business center. Unit amenities will be of superior quality. The project was financed under the HUD 221(d) 4, which provides non-recourse, fixed rate construction and 40-year permanent loan financing for apartment projects. The loan was processed with the Manchester, NH HUD office. Robert Shapiro, the manager of the development entity, stated, “We were very pleased with the extraordinary effort of the Manchester HUD office in turning around the submission. In their volatile interest rate environment, the coordination of the effort can make the difference as to whether or not a deal works or not. Because of their efforts, it did work and we look forward to working with them again. We were most impressed with the professionalism and efficiency of their staff.” The $44.26 million loan was the largest HUD loan ever closed in New England. ProCon Construction of Manchester, NH will be the general contractor for the project. Rockport Mortgage Corporation is a ten-year-old, privately owned company that provides a full range of mortgage financing services to owners and developers of multifamily and health care facilities throughout the United States. Rockport Mortgage specializes in providing HUD insured loans for multifamily and healthcare properties. Among its many affiliations, RMC is a member of the Mortgage Bankers Association, National Apartment Association, Rental Housing Association, and the American Seniors Housing Association. |
