|
|
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.
|
