Properties Financed - Assisted Living

Dan Lyons, Vice President of Rockport Mortgage Corporation, announces the closing of the Haskell House Assisted Living located at 63 Parker Hill, Boston, MA. Rockport Mortgage Corporation provided credit enhancement in the amount of $11,700,000 through the FHA 232 mortgage insurance program. The FHA mortgage credit enhanced $7 million in tax exempt and $4.7 million in taxable bonds issued by the Massachusetts Development Finance Agency. The non-recourse 40 year self amortizing loan will be used for the substantial rehabilitation of the former Edward Haskell Nursing School located across the street from The New England Baptist Hospital on the Historic Parker Hilltop overlooking Boston's Longwood Medical and the Mission Hill neighborhood. The existing 69,216 gross square foot building is to be converted to 75 units and 86 beds of Assisted living.

The developer of Haskell House and New England Baptist Hospital have formed a strategic alliance to provide Assisted Living, and various medical support social services to the community. Haskell Houses' collaboration with New England Baptist Hospital as well as the proximity to the Longwood Medical Area should be a benefit to its market position. The FHA insurance allowed the borrower to raise premiums on both the tax exempt and taxable bonds to cover projected lease-up deficits, while maintaining an overall rate of 8%. In addition, the project utilized both the 4% LITC and Historic Tax Credits to meet the equity requirements.