News

For the past 25 years Rockport has aided clients in developing capital solutions that enable them to fulfill their business and philanthropic goals. We take the time to fully understand the borrower, real estate and opportunity, developing innovative financing structures that create value by maximizing the potential of every property, every situation and every community.


Rockport Mortgage Corporation, a leading national provider of FHA multifamily and healthcare financing, today announced it has arranged $16.8 million for the refinance of Robinson Cuticura Mill Apartments, a 94-unit affordable housing community in Malden, MA. The loan, which utilized the HUD 223(f) program, was originated by Dan Lyons, Managing Partner.

Robinson Cuticura Mill Apartments consists of one four-story mill building originally constructed in 1892 and rehabilitated into its current use in 1978. The property contains a total of 94 units, including one, two and three-bedroom apartments.  The majority of the units are restricted to elderly or handicapped households.

The refinance transaction was done in collaboration with MassHousing through their MAP/Ginnie Mae Mortgage Backed Security (MBS) program. The program, designed to preserve and extend the availability of affordable housing in the Commonwealth, requires the mortgagor to reserve 20% of the subject property’s units for households earning no more than 80% of the area median income (AMI) for at least 15 years. With the completion of the Robinson Cuticura transaction, the affordability restrictions on the property were extended for 20 years.

About Rockport Mortgage Corporation

Rockport Mortgage Corporation (“Rockport”) is a privately owned commercial mortgage banking firm founded in 1992 and located on the North Shore of Boston. Rockport specializes in providing FHA- insured loans to market-rate, affordable and senior housing communities and healthcare facilities through the Department of Housing and Urban Development (“HUD”), and has been approved under HUD’s Multifamily Accelerated Processing (“MAP”) program since the program inception in 2001.
The Rockport team works collectively to navigate the complexities of FHA/HUD-insured finance programs, developing strategic solutions to meet the diverse needs of our clients. For additional information on Rockport Mortgage Corporation please visit us at www.rockportmortgage.com


If you were unable to attend our June 22nd webinar on utilizing FHA-insured financing for your next Affordable Housing transaction, or did attend but would like to review the presentation again, here’s your chance.  Please click on the following link and simply enter your email and name for immediate access to the training.

https://attendee.gotowebinar.com/recording/4258740962478091011

About The Webcast

Do you understand the differences between the HUD 221(d)(4) and 223(f) loan programs? How about FHA versus conventional financing?

Whether new construction, rehabilitation or debt refinancing, HUD-insured financing provides owners and developers with many unique terms, features and benefits. If you’re looking for debt options to match the complexity of your next affordable multifamily transaction, this webcast is for you.

George Lieser and Sean McKay of Rockport Mortgage Corporation partnered with Vinnie Viola, principal of Birch Island Real Estate Consulting, for a 90-minute free webcast on the advantages of using HUD financing to fund affordable housing development or recapitalization. This informative and interactive training covers FHA-insured mortgage programs, with a focus on two primary mortgage insurance programs that can help owners and developers achieve various project objectives:

  1. HUD 221(d)(4) program provides construction and 40-year permanent loans for new construction and substantial rehabilitation: of both 9% and 4% tax credit projects.
  1. HUD 223(f) program can meet several objectives:
  • New 4% tax credit projects that require repairs of less than $40,000/unit;
  • Refinance existing affordable transactions for the purposes of lowering the mortgage rate and/or recover equity; or
  • Recapitalize, repair or buy out of tax credit limited partners at or before expiration of 15-year Compliance Period.

George and Sean review these programs and highlights of several other FHA-insured programs available for multifamily owners and developers.

About The Presenters

George Lieser is a Senior Vice President with Rockport Mortgage Corporation and a 38-year veteran of the Real Estate Finance industry.

Sean McKay is Deputy General Counsel for Rockport Mortgage Corporation and brings over 20 years of experience in law and real estate finance.

Vinnie Viola, HCCP™, is Principal of Birch Island Real Estate Consulting, LLC and offers 25 years’ of affordable housing experience.


WEBINAR DATE:

Tuesday, June 28, 2016
2:00 PM to 3:30 PM (EDT)

PLEASE REGISTER HERE

About This Webcast

Do you understand the differences between the HUD 221(d)(4) and 223(f) loan programs? How about FHA versus conventional financing?

Whether new construction, rehabilitation or debt refinancing, HUD-insured financing provides owners and developers with many unique terms, features and benefits. If you’re looking for debt options to match the complexity of your next affordable multifamily transaction, this webcast is for you.

Please join George Lieser and Sean McKay of Rockport Mortgage Corporation and Vinnie Viola, principal of Birch Island Real Estate Consulting for a 90-minute free webcast on the advantages of using HUD financing to fund affordable housing development or recapitalization. This informative and interactive training will cover FHA-insured mortgage programs, with a focus on two primary mortgage insurance programs that can help owners and developers achieve various project objectives:

  1. HUD 221(d)(4) program provides construction and 40-year permanent loans for new construction and substantial rehabilitation: of both 9% and 4% tax credit projects.
  1. HUD 223(f) program can meet several objectives:
  • New 4% tax credit projects that require repairs of less than $40,000/unit;
  • Refinance existing affordable transactions for the purposes of lowering the mortgage rate and/or recover equity; or
  • Recapitalize, repair or buy out of tax credit limited partners at or before expiration of 15-year Compliance Period.

George and Sean will review these programs and highlights of several other FHA-insured programs available for multifamily owners and developers.  They will also present case studies on recent FHA transactions that helped owners meet their project objectives. George and Sean will also take your questions about the intricacies of FHA-insured financing and potential fit with your next transaction.

About The Presenters

George Lieser is a Senior Vice President with Rockport Mortgage Corporation and a 38-year veteran of the Real Estate Finance industry.

Sean McKay is Deputy General Counsel for Rockport Mortgage Corporation and brings over 20 years of experience in law and real estate finance.

Vinnie Viola, HCCP™, is Principal of Birch Island Real Estate Consulting, LLC and offers 25 years’ of affordable housing experience.


Rockport Mortgage Corporation, a leading national provider of FHA multifamily and healthcare financing, today announced it has arranged $55 million for the refinance of Mystic Place Apartments, a 465-unit mixed-income housing community in Medford, MA. The loan, which utilized the HUD 223(f) program, was originated by Joe Mueller, Managing Partner, and Linda Pellegrino, Vice President.

Mystic Place Apartments is comprised of 3 high-rise buildings situated on 9 acres along the highly desirable Mystic Valley Parkway in Medford, MA. The property is owned by an affiliate of the WinnCompanies, a seasoned sponsor with 45 years of property development and management experience and the leading manager of affordable housing in the United States. Originally developed by WinnCompanies founder and principal Arthur Winn in the early 1970s under the Section 236 Program, Mystic Place Apartments was recapitalized in 1999 through MassHousing and with the use of Medford Housing Authority enhanced vouchers.

The refinance transaction was done in collaboration with MassHousing through their MAP/Ginnie Mae Mortgage Backed Security (MBS) program. The program, designed to preserve and extend the availability of affordable housing in the Commonwealth, requires the mortgagor to reserve 20% of the subject property’s units for households earning no more than 80% of the area median income (AMI) for at least 15 years. With the completion of the Mystic Place transaction, the affordability restrictions on 140 affordable housing units, or 30% of the property’s units, were extended through year 2050.

About Rockport Mortgage Corporation

Rockport Mortgage Corporation (“Rockport”) is a privately owned commercial mortgage banking firm founded in 1992 and located on the North Shore of Boston. Rockport specializes in providing FHA- insured loans to market-rate, affordable and senior housing communities and healthcare facilities through the Department of Housing and Urban Development (“HUD”), and has been approved under HUD’s Multifamily Accelerated Processing (“MAP”) program since the program inception in 2001.
The Rockport team works collectively to navigate the complexities of FHA/HUD-insured finance programs, developing strategic solutions to meet the diverse needs of our clients. For additional information on Rockport Mortgage Corporation please visit us at www.rockportmortgage.com


Rockport Mortgage Corporation, a leading national provider of FHA-insured multifamily and healthcare financing, today announced it has once again secured a position on Affordable Housing Finance (AHF)’s list of Top 25 Lenders in Affordable Housing Finance.  Rockport completed $514.4 million in affordable housing transactions in 2015, an increase over its 2014 affordable housing transaction volume of $340.1 million.

Committed to the preservation of quality, affordable housing across the nation, Rockport specializes in serving the needs and fulfilling the mission of profit and nonprofit motivated multifamily developers, owners and sponsors, and has successfully advised clients nationwide on the development, implementation and closing of all aspects of HUD-assisted preservation transactions.  Rockport has worked with many mortgagors to help recapitalize their projects originally financed through Section 236, 221 (d)(3) BMIR and Market Rate programs, Section 221 (d)(4), and State-Agency programs.

Through a comprehensive approach to recapitalization Rockport assures clients will carry on their mission to provide vital resources to the affordable and low-income housing market.

About Rockport Mortgage Corporation

Rockport Mortgage Corporation is a privately owned commercial mortgage banking firm founded in 1992 and located on the North Shore of Boston. Rockport specializes in providing FHA- insured loans to market-rate, affordable and senior housing communities and healthcare facilities through the Department of Housing and Urban Development (“HUD”), and has been approved under HUD’s Multifamily Accelerated Processing (“MAP”) program since the program inception in 2001.

The Rockport team works collectively to navigate the complexities of FHA/HUD-insured finance programs, developing strategic solutions to meet the diverse needs of our clients. For additional information on Rockport Mortgage Corporation please visit us at www.rockportmortgage.com


Rockport Mortgage Corporation is pleased to announce it closed 47 transactions totaling approximately $640 million in FHA-insured loan proceeds in Fiscal Year 2015. The transactions represent 6,200 units of affordable and market-rate multifamily housing, as well as additional units serving assisted living, skilled nursing and dementia care facilities. Over the past six years Rockport has completed over $3.2 billion (more…)


Rockport Mortgage Corporation, a leading national provider of FHA-insured multifamily and healthcare financing, today announced it has once again secured its position as one of the country’s leading providers of FHA-insured mortgages. According to the Department of Housing and Urban Development (HUD)’s recently released Fiscal Year 2015 Lender Rankings, Rockport placed third nationally with respect to value (dollar amount) of loan commitments, and eighth nationally with respect to overall number of FHA-insured mortgage commitments. Rockport was issued 40 firm commitments totaling approximately $605 million in transaction proceeds and representing 5,939 units in Fiscal Year 2015. Since 1992 Rockport has successfully aided clients in structuring financing solutions for both multifamily and healthcare facilities in 38 states across the nation, totaling over $4.5 billion in transaction proceeds.


Rockport Mortgage Corporation is pleased to announce it has closed transactions totaling approximately $71 million in HUD loan proceeds during the third quarter of fiscal year 2015. The transactions bring Rockport’s year-to-date closings to $373.8 million. Providing a broad scope of financing solutions for the refinance, acquisition, construction and rehabilitation of market-rate and affordable multifamily properties, as well as healthcare facilities, Rockport is consistently ranked as one of the top FHA lenders in the country for multifamily loan closings.


Boston, MA / Knoxville, TN September 8, 2015 Rockport Mortgage Corporation, a leading national provider of FHA multifamily and healthcare financing, today announced it has provided $17 million for the acquisition and substantial rehabilitation of Pinnacle Park Apartments (formerly Arbor Place Apartments) in Knoxville, Tennessee. Originated by Dan Lyons, Managing Partner, and utilizing the HUD 221(d)(4) program, the complex debt structure includes the use of 4% Low Income Housing Tax Credits (LIHTCs), short-term tax-exempt bonds, and multiple tranche financing to address the recapitalization needs of the property. (more…)


Rockport Mortgage Corporation is pleased to announce it has closed transactions totaling approximately $89.2 million in HUD loan proceeds during the second quarter of fiscal year 2015. The transactions bring Rockport’s year-to-date closings to $302.8 million. Providing a broad scope of financing solutions for the refinance, acquisition, construction and rehabilitation of market-rate and affordable multifamily properties, as well as healthcare facilities, Rockport is consistently ranked as one of the top FHA lenders in the country for multifamily loan closings.


During the first quarter of 2015, Rockport Mortgage Corporation closed transactions totaling $213.6 million in HUD loan proceeds.


During 2014 RMC closed 33 projects totaling $375,495,700.00 in HUD loans.


During 2013 RMC closed 49 projects totaling $671,096,500.00 in HUD loans.


During the 2nd quarter of 2013, RMC closed 20 projects totaling $266,093,334 in HUD loans.


During the 1st quarter of 2013, RMC closed 13 projects totaling $119,969,100 in HUD loans.


RMC closed 12 projects, including 1,957 units, totaling $215,135,300 in loans.


RMC Closed 8 projects, including 1,023 rental units, totaling $76,203,700 in loans.



Rockport Mortgage Corporation ranked #7 among all FHA lenders nationwide in 2011.

Rockport Mortgage Corporation ranked #13 among the “Top 25 Affordable Housing Lenders of 2011”.


RMC Closed 10 projects, including 1,912 rental units, totaling $121,487,100 in loans.


RMC Closed 13 projects, including 1,582 rental units, totaling $117,456,200 in loans.


The original publication can be found on the official HUD website at http://portal.hud.gov/hudportal/documents/huddoc?id=FAQ2_07-10-12.pdf.

Download FAQ PDF.


RMC has attended the following conferences during 2012:
 
Mortgage Banker Association’s National Mortgage Servicing Conference & Expo 2012 (February 21-24, 2012) (more…)


On May 4, 2012, HUD issued Notice H 2012-8 (“Notice”), which revised HUD requirements applicable to the prepayment and refinancing of Section 202 direct loan projects for the elderly. The Noticestates that it supersedes all outstanding policy guidance with respect to Section 202 prepayments and refinancings. (more…)


Ed Johnson

CPA, MBA
Underwriter/Vice President
Ed has recently joined the Rockport Mortgage team as an underwriter. Prior to joining Rockport, Ed was a partner at a regional CPA firm. He has a broad base of financial experience and served a wide range of industries during his 21 years in public accounting. (more…)


The original publication can be found on the official HUD website at http://portal.hud.gov/hudportal/documents/huddoc?id=Pilot_Prog_FAQ_May_23_12.pdf