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Joseph Mueller, C.E.O.
of Rockport Mortgage Corporation, announced that
they have provided $14,073,400 to facilitate the
acquisition of three apartment properties in the
Providence, RI area. Rockport Mortgage Corporation,
an approved lender under the HUD MAP program,
provided the three 35 year fixed rate loans which
accounted for 85% of the total transaction costs
to acquire the properties. The program that was
utilized was the HUD 223(f) program. The properties
that were financed were East Shore Apartments
(90 units) and East Gate Apartments (107
units) in East Providence, and Hamilton House
Apartments (55 units) in North Providence. The
Providence, RI HUD Office worked closely with
Rockport Mortgage to facilitate the closing of
the three projects just four days after the HUD
Office issued the three Firm Commitments. These
were the first three transactions closed by the
Providence HUD Office under the MAP program. Rockport
Mortgage Corporation has now closed the first
MAP loans with all four of the HUD offices (Boston,
Providence, Hartford and Manchester) in New England. |
