| | News & Events | | | | | | | | | 1/15/08 | Guilford House
RMC provided a $10,260,000 loan under the HUD 232 program to refinance Guilford House, located in Guilford, Connecticut. 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. The facility needed upgrades and an expansion of the common areas and other amenities for residents. | Guilford, CT
| | 1/24/08 | 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 25 two and three-story structures containing 540 total townhouse and flat-style residential units as well as a modern community building and recreational areas. The loan helped refinance the existing debt, funded a substantial initial deposit to reserves and withdraw equity. The property was built in 1965 and has been very well maintained with the units experiencing modernization and market upgrades over time. | Boston, MA
| | 2/229/08 | 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. | Dayton, TX
| | 3/25/08 | Teamster Manor of MN
RMC provided a $1,263,000 loan under the HUD 223(f) program to refinance Teamster Manor of MN and its existing HUD 202 loan. The project is located in Minneapolis, Minnesota. The property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all of its 24 units. The property consists of seven one-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. | Minneapolis, MN
| | 3/27/08 | Multi-Counties Apartments
RMC provided a $1,199,800 loan to refinance Multi-Counties Apartments and its existing HUD 202 loan. The property is located in Bridgeport, Ohio. The property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all of its units. Multi-Counties consists of a one-story building containing 24-units serving those with mental illnesses. The project also contains a one-story maintenance building. The refinancing also 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 near term. | Bridgeport, OH
| | 4/17/08 | 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 and its existing HUD 202 loan. The property is located in Worcester, Massachusetts. The property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all of its units. The project consists of five one-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. | Worcester, MA
| | 4/17/08 | 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 is located in Perrysburg, Ohio. The property consists of 23 one-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. | Perrysburg, OH
| | 5/13/08 | Charles E. Haddock
RMC provided a $1,448,200 loan under the HUD 223(f) program to refinance Charles E. Haddock and its existing HUD 202 loan. The property is located in Balch Springs, Texas. The property consists of four one-story buildings containing 24 total units. 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. | Balch Springs, TX
| | 5/21/08 | 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 and its existing HUD 202 loan. The property is located in Birmingham, Alabama. The property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all of its units. The project consists of one three-story building containing 30 age restricted units. The refinancing allowed for the prepayment of the Section 202 mortgage, funded money for repairs, and fully funded the replacement reserves. | Birmingham, AL
| | 5/29/08 | Camelot Court Apartments
RMC provided $21,000,000 under the HUD 223(f) program to refinance Camelot Court Apartments, located in Brighton, Massachusetts. 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. | Brighton, MA
| | 6/6/08 | 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 project is located in St. Louis, Missouri. The complex consists of three one-story apartment buildings containing 24 total units. The property is assisted by a Section 8 Housing Assistance Payment (HAP) contract on all of its units. The purpose of the loan was to refinance the existing debt on the project, lower debt service payments, and generate funds for future repairs and fund replacement reserves for future capital improvements. The refinance will provide savings that can be used to boost replacement reserve deposits as needed or use excess residual receipts as allowable for capital improvements. | St. Louis, MO
| | | | | | | | | 12/19/07 | Evergreens at Lost Mnt. Phase II
RMC provided a bank loan to refinance Evergreens at Lost Mnt. Phase II at a loan amount of $3,400,000. The property is located in Dallas, Georgia. | Dallas, GA
| | 12/13/07 | Riverside Park Apartments
RMC provided a $4,740,300 loan under the HUD 223(f) program to refinance Riverside Park Apartments, and its existing HUD 202 loan. The property is located in Jacksonville, Florida. 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. | Jacksonville, FL
| | 10/24/07 | 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 located in Albany, New York. 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. | Albany, NY
| | 10/23/07 | John Calvin Apartments
RMC provided a $5,340,000 loan, under the HUD 221(d)(4) program to refinance John Calvin Apartments, located in Hixson, Tennessee. 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. | Hixson, TN
| | 10/19/07 | 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, located in Lincoln, Nebraska, consists of 56 units and is assisted by a Section 8 Housing Assistance Payment contract. | Lincoln, NE
| | 10/18/07 | Hubbardston House Apartments
RMC provided a $2,351,000 loan under the HUD 202 program to refinance Hubbardston Elderly Housing and its existing HUD 223(f) loan. The property, is assisted by a Section 8 Housing Assistance Payment contract. Hubbardston Elderly Housing, located in Worcester, Massachusetts, consists of two 2-story building containing 36 rental apartment units for seniors and disabled households. | Hubbardston, MA
| | 9/27/07 | 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 located in Norfolk, VA. 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. | Norfolk, VA
| | 9/19/07 | Faith and Hopes Homes
RMC provided a $790,600 loan to refinance Faith and Hope Homes, located in Grand Forks, North Dakota 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 (2) one-story group homes and (1) two-story apartment building with a total of twenty-four units constructed in 1982-1983. The apartment buildings contain approximately 15,402 gross square feet and 12,808 net rentable square feet situated on .936 acres of land. | Grand Forks, ND
| | 9/19/07 | Proprietors Fields
RMC provided a $2,004,600 loan to refinance Proprietor Fields, located in Williamstown, Massachusetts under the HUD 202 loan. Proprietor Fields consists of three 2-story apartment buildings and one 1-story community building constructed in 1978. The buildings contain 60 rental apartment units for seniors and disabled households. | Williamstown, MA
| | 9/12/07 | Crown Oak Estates
RMC provided a loan of $2,511,300 to refinance Crown Oaks Estates, located in Penfield, New York. The project was refinanced under the HUD 223(a)(7), full restructuring Mark Down to Market program. | Penfield, NY
| | 9/12/07 | Summerhill ALF
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. The project is located in Peterborough, NH. | Peterborough, NH
| | 9/6/07 | 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 located in West Warwick, Rhode Island. 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. | West Warwick, RI
| | 9/7/07 | Evergreens at Mahan II
RMC provided a conventional construction/mini perm loan for the development of Evergreens at Mahan II, a 220 unit project located in Tallahassee, Florida. Phase I was financed by RMC under the HUD 221(d)(4) program. | Tallahassee, FL
| | 8/21/07 | 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 located in East Lyme, CT. 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. | East Lyme, CT
| | 8/16/07 | New Canonchet Cliffs
RMC provided financing of $6,000,000 under the HUD 221(d)(4) program to New Canonchet Cliffs Apartments, located in Hopkinton, Rhode Island. 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. | Hopkinton, RI
| | 8/15/07 | Episcopal Gardens
RMC provided a $2,064,200 loan to refinance Episcopal Gardens, located in Thompsontown, Pennsylvania, under the HUD 223(f) program. The purpose of the loan was to refinance the existing HUD 202 loan. The elderly housing complex contains 50 rental units in a three-story building. | Thompsontown, PA
| | 8/15/07 | Episcopal Towers
RMC provided a $4,518,500 loan to refinance Episcopal Towers, located in Shippensburg, Pennsylvania under the HUD 223(f) program. The purpose of the loan was to refinance the existing HUD 202 loan. Episcopal Towers consists of two 3-story buildings containing a total of 95 rental units. The refinancing will prepay the Section 202 Mortgage and create significant debt service savings. | Shippensburg, PA
| | 8/3/07 | Colonial Square
RMC provided a $18,340,000 conventional loan to Colonial Square Apartments, located in North Utica, New York. Colonial Square Apartments will be an inter-generational development and will include 70 single-family homes, 40 townhouses, 144 apartments, and a clubhouse for residents that are at least 55 years old. | Utica, NY
| | 7/24/07 | 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 1-story building and one 2-story building consisting of 34 total units. The property is located in Omaha, Nebraska. | Omaha, NE
| | 7/17/07 | Evergreens at the Vineyard
RMC provided a conventional loan of $3,800,000 to facilitate the acquisition of the Evergreens at the Vineyard, an apartment complex located in Cartersville, Georgia. | Cartersville, GA
| | 6/27/07 | Medway Country Manor
RMC provided FHA-insured financing for Medway Country Manor, a 123-bed skilled nursing facility located in Medway, Massachusetts. 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 cost, 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. | Medway, MA
| | 6/14/07 | 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. Located in Longmeadow, Massachusetts, 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. The owner earned a $324,000 developer fee. | Longmeadow, MA
| | 6/1/07 | Forest Manor Nursing Home
RMC provided a $15,965,800 loan to refinance the new construction/renovation of Forest Manor Nursing Home, located in Hope, New Jersey. The area is in northwest New Jersey. The project was constructed in two phases and financed under a construction/bank loan. This project is the addition of 78 beds and the renovation of an existing 42-unit nursing and rehabilitation center. Phase one dealt with the construction of the new addition and phase two consisted of the renovations to the existing building. The facility now provides skilled nursing care to 120 residents. | Hope, NJ
| | 5/11/07 | The Jackson Portfolio
RMC arranged for $65 million in conduit debt to facilitate our client’s acquisition of 5 multifamily properties (902 units) in Jackson, TN. Jackson is a considered a strong secondary market located northeast of Memphis. This fully non-recourse deal was highly structured by RMC including the cross-collateralization release provisions. The loan closed in under 30 days from the time of quote. | Jackson, TN
| | 5/30/07 | Olympia Towers
RMC provided a $4,9993,800 loan for Olympia Towers, located New Bedford Massachusetts under the HUD 223(a)(7) program. Olympia Towers consists of 89 units. | New Bedford, MA
| | 5/4/07 | Park Plaza
RMC provided a conventional loan of $3,200,000 loan for Park Plaza Apartments, located in Johnston, Rhode Island. The two-story apartment building contains 62 units. The property was previously refinanced under the HUD 236 program and is currently assisted by two Section 8 Housing Assistant Payments on all 62 units. | Johnson, RI
| | 4/12/07 | 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 located in Anoka, Minnesota. The six-story building is an age-restricted complex contstructed 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. | Anoka, MN
| | 4/12/07 | Walker on Kenzie
RMC provided a $1,624,500 loan under the HUD 223(f) program for the refinancing of Walker on Kenzie, located in St. Anthony, Minnesota. The 45 unit property is assisted by a Section 8 Housing Assistant Payments (HAP) contract. The complex consists of one 3-story apartment building. Additional site improvements include asphalt parking and landscaped areas. The project is in excellent condition. Project amenities include a community room and a community kitchen, coin-operated laundry room, and a leasing office. Unit amenities include a stove, refrigerator, and carpeting. One elevator services the building. | St. Anthony, MN
| | 1/23/07 | Mighty Fortress Manor
RMC provided a $789,300 loan under the HUD 202 program for the refinancing of Mighty Fortress Manor, a multifamily project located in Hinkley, Minnesota. The property is assisted by a Section 8 Housing Assistant Payments (HAP) contract on all 24 units. The complex consists of a 24-unit-age-restricted apartment complex built in 1986. The complex consists of one 3-story building. The property is well maintained and in excellent condition. | Hinkley, MN
| | | | | | | | | 12/28/06 | Leventhal House Apartments
RMC provided a $13,852,500 loan for the refinancing of Leventhal House, located in Brighton, MA. The project was refinanced as a substantial rehabilitation under the HUD 221(d)(4) program. Leventhal House is currently a 255-unit elderly housing development built in 1972. As part of the proposed rehab, one of the non-revenue one-bedroom units will be converted to management space leaving a total of 254 units. The property is comprised of 58 studio and 196 one-bedroom units contained in both a four- and five-story elevator building. The residents are comprised of low-income elderly and handicapped individuals. | Brighton, MA
| | 12/22/06 | Village Park I & II
RMC provided a $21,226,400 loan under the HUD 223(F) program for Village Park 1 & 2, located in New Haven, Connecticut. Village Park 1 is an apartment complex consisting of 328 units in a 17-story building. There are studio, one-bedroom, and two-bedroom units. The refinancing consists of additional site improvements including asphalte parking, concrete sidewalks, patio areas, and newly landscaped areas. Several handicap accessible units are provided in the building. The project is good condition. Village Park II consists of 291 units in a 17-story apartment building and includes the same rehabilitation as Village Park 1. | New Haven, CT
| | 12/21/06 | Park Crest II
RMC provided a $1,267,500 loan under the HUD 241(a) program to assist in the new construction/addition to Park Crest II, located in Athens, Tennessee. Park Crest II consists of 160 units. | Athens, TN
| | 11/20/06 | Westerly Health Center
RMC provided a $5,119,300 loan under the HUD 232 loan program for the refinancing of Westerly Health Center, a nursing home located in Westerly, Rhode Island. The project consists of 120 units. | Westerly, RI | | 11/20/06 | Burrillville Health Center
RMC provided $5,138,900 loan for the refinancing of Burrillville Health Center, located in Pascoag, Rhode Island. The deal was closed under the HUD 223(a)(7) program. The property was constructed in 1984 and is licensed by the State of Rhode Island to operate as a 120 bed skilled nursing facility. The Burrillville Health Center is a well run facility that is in good condition. | Pascoag, RI | | 11/16/06 | Stella Maris House
RMC provided a $2,546,700 loan under the HUD Section 202 Direct Loan program to refinance Stella Maris House, an affordable housing project located in Rockland, Maine. The property was originally designed and constructed as a 48-unit apartment building under the HUD 223(f) program. The property consists of 48 unit complex has 36 one bedroom units and 12 efficiency units. All units are placed under a Section 8 contract. The Section 8 rental assistance was given directly to low-income elderly and handicapped residents to subsidize their rent in the projects. To be eligible for funding under this program, the applicant had to be a private, non-profit organization with prior experience in housing or related social service activities. | Rockland, ME | | 11/14/06 | LaChance Nursing Center
RMC provided $6,377,800 for the acquisition of LaChance Nursing Center, a 120 bed skilled nursing facility in Gardner, MA. The HUD 232 loan was secured from a commercial bank. The LaChance Nursng Center, a privately owned facility, combines the best of medical technology with the ultimate in healing, compassionate rehabilitation and nursing care. Our goal is to help each client reach that ultimate goal of living life to the fullest. The ultra-modern rehabilitation center offers the latest in Physical, Occupational and Speech Therapies helping clients to reach their maximum level of activity and fitness. The property’s sub-acute care unit provides a unique healthcare environment for patients of all ages who no longer require the full services of an acute hospital, yet whose needs are too complex for a skilled nursing facility. | Gardner, MA | | 10/24/06 | Clarksville Portfolio
RMC provided a $30,000,000 loan in first mortgage financing for five Class B multifamily properties, located in Clarksville, Tennessee. Clarksville is situated very close to the home of the 101st Army Division at Fort Campbell. The military component added a special challenge to the underwriting of the deal. RMC was able to close this complex transaction in under 30 days. | Clarksville, TN | | 10/24/06 | Woodview Apartments
RMC provided a $2758,000 loan, under the HUD 202 loan, for the refinancing of Woodview Apartments, located in Newaygo, MN. Previously refinanced under the 223(f) program, the affordable housing project consists of a single three-story (61one-bedroom and 5 two-bedroom unit) age-restricted apartment complex constructed in 1982. The project amenities include community room with kitchen, library, and laundry room. Unit amenities include an electric stove, vent fan, refrigerator, and window treatments (mini-blinds). One elevator services the building. | Newaygo, MN | | 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 |  | | | | | |
