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Joseph Mueller, Director of Rockport
Mortgage Corporation, announced that they have
provided $10,244,000 for the construction and
permanent financing for Kensington Close Apartments.
The project is a to-be-built market rate 100-unit
apartment property that will be located on Technology
Drive in Bedford, New Hampshire. The project will
consist of 10 one-bedroom units, 50 two-bedroom
units, and 40 two-bedroom units with dens. The
units will have fireplaces, balconies, and patios.
The amenities include garages, carports, clubhouse,
fitness room and a pool.
The loan was financed under the HUD
221(d)(4) program that provides non-recourse,
fixed rate construction and 40-year permanent
loan financing for apartment projects. The Manchester
HUD office processed the loan from application
to commitment in 55 days. Jack McBride, a managing
member of the ownership entity, stated, "I
was amazed at the efficiency, speed, and professionalism
of the staff of the Manchester HUD office. They
were supportive and very helpful throughout the
process, and we look forward to working with them
again in the future on other projects". Humphrey
& Partners Architects of Dallas, Texas designed
the project.
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