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
PLEASE JOIN US AT NH&RA’s SUMMER INSTITUTE
Rockport Mortgage Corporation invites you to join us at the NH&RA Summer Institute in Edgartown, MA
for an interactive panel discussion entitled:
WORKING WELL WITHIN THE SYSTEM: HOW TO NAVIGATE HUD
Moderated by Eric Keifer, General Counsel, Rockport Mortgage Corporation
This panel will explore the challenges coordinating the many different components of financing an affordable housing project.
It will offer tips and review essential/best practices that have been found useful in structuring and closing successful transactions.
Saturday July 23, 2016
9 AM EDT
for additional conference information please click here.
Uniquely positioned to further enhance the value we create for our affordable housing clients, we lend our deep expertise to provide strategic consulting services in all aspects of HUD-assisted preservation transactions.
|“You have asked for an assessment of the project refinances that you have accomplished for the John Stewart Company and I am very pleased to be able to do so. Our firm manages over 23,000 units throughout California, both as owners and as fee managers…”|
|Mari Tustin, The John Stewart Company|
|“As Founder, Treasurer and CEO of Carabetta Enterprises Inc. (CEI), I would like to take this opportunity to highly recommend the Rockport Mortgage Corporation (RMC) and their extremely capable staff members. As a General / Limited Partner in many limited partnerships…”|
|Joseph F. Carabetta, Carabetta Enterprises Inc.|
HUD section 223(f) program
Pinnacle Park Apartments
HUD Section 221(d)(4) program