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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. |
