NEW YORK, NY—LIHC Investment Group and Rockport Mortgage Corporation have closed a $65 million FHA Section 223(f) refinancing loan for Renwick Garden Apartments, a 224-unit subsidized Section 8 property in the Kips Bay neighborhood in Manhattan. The development comprises a single 15-story building located at 332 East 29th Street and is owned by LIHC, a real estate investment group committed to the preservation of affordable housing.
On Thursday, June 4th, Rockport Mortgage’s managing partner and president Dan Lyons was set to be recognized by the Greater Boston Real Estate Board (GBREB) and uAspire, a leading national provider of financial aid advising, as the recipient of the 2020 GBREB Humanitarian Award. The event would also honor lieutenant governor of Massachusetts Karyn Polito as the recipient of uAspire’s First One Award. Although the event, GBREB Foundation’s largest fundraiser of the year, was postponed due to the pandemic, Rockport Mortgage donated $50,000 to provide Boston area students with needed additional financial support to attend college. “The pandemic may have canceled our celebration, but not our purpose,” Lyons said.
New Bedford, MA Rockport Mortgage Corp. completed the closing of $19.9 million FHA Section 223(f) refinancing loan for Bedford Towers, a 157-unit family and senior housing development. Originally constructed in 1977, the development consists of one high-rise building and seven two-story townhouse buildings located on two parcels of land totaling 5.75 acres in downtown.
Fall River, MA Rockport Mortgage Corp. completed the closing of a $36.4 million FHA Section 223(f) refinancing loan for Borden Place Apartments, 261 units of age-restricted housing, located downtown. Managed by Peabody Properties since 1981, the development consists of two buildings, Borden Place East (145 units) and Borden Place West (116 units), situated within a two-minute walk of one another.
The affordability of homes for lower-income seniors has been extended for at least 20 years at the 43-unit Casselman House in Newton, Mass. MassHousing has provided $8.1 million in financing to nonprofit Newton Community Development Foundation (NCDF) to help preserve the longtime development. NCDF refinanced Casselman House through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp.
Rockport Mortgage Corp handles $9 million financing for Lowell Belvidere Apartments – managed by Peabody Properties
Lowell, MA Rockport Mortgage Corp. completed the closing of an FHA Section 223(f) refinancing loan totaling $9 million for the Lowell Belvidere Apartments. The property is managed by Peabody Properties. Situated on 1.28 acres in the Belvidere neighborhood of the city, the property consists of 70 family apartments (1-4 bedrooms) contained in 12 buildings that were built between 1850 and 1920.
NEW YORK CITY– LIHC Investment Group and Rockport Mortgage Corporation have landed a $74 million FHA Section 223(f) refinancing loan to maintain the affordability of the Little Italy Restoration Apartments located at 21 Spring St. in Manhattan.
NEW YORK CITY– Rockport Mortgage Corporation has closed an FHA Section 223(f) refinancing loan of $38.6 million for Union Street Houses in Brooklyn. Scott Jaffee, a managing member of Metropolitan Realty Group, owns the property.
Affordable Housing & Services Collaborative has received a $42.7 million loan to refinance Melville Towers, a 327-unit senior living community in New Bedford, Mass. Rockport Mortgage Corp. secured the FHA Section 223(f) financing for the fully affordable property. The facility caters to adults aged 62 and over, as well as disabled residents under age 62.
VERONA, NJ—LIHC Investment Group of Portland, ME, has secured $51 million in two FHA Section 223(f) refinancing loans for two of its New Jersey multifamily properties. Rockport Mortgage Corp. of Gloucester, MA closed a $24-million FHA loan for the. Verona Senior Citizens Apartments in Verona and $27 million in FHA financing for Mansion Apartments in Pine Hill.