Rockport Mortgage Announces $42.7M Financing for Melville Towers Apartments in New Bedford, MA

Rockport Mortgage Corporation recently announced the closing of an FHA Section 223(f) refinancing loan totaling $42.7 million for Melville Towers, an elderly apartment complex located at 850 Pleasant Street, New Bedford, MA. The property is owned by the non-profit Affordable Housing & Services Collaborative, Inc. and managed by Peabody Properties.

Melville Towers Apartments, located in a Designated Opportunity Zone, consists of 285 one-bedroom and 42 two-bedroom units. Of the 327 units, 319 are covered under a Section 8 HAP contract while an additional 7 units are subsidized by the HOME Investment Partnership Program (“HOME”).

The property employs a Resident Services Coordinator (RSC) who works with local service providers to improve the residents’ quality of life. In addition, all social events including coordinated shopping trips, seasonal parties, arts and crafts, functions, bingo, game nights, movie nights and karaoke are provided by a local company, Inter Church.

Additionally, a registered RN, or Wellness Nurse, is onsite 8 hours/week to conduct wellness assessments focusing on the non-medical health-related social needs such as housing supports, nutrition, socialization prevention and wellness. The nurse provides additional services including acting as a health care provider liaison to tenants upon discharge of hospital stays and developing programs to increase the knowledge and physical condition of the tenants.

The property also has several features which enhance the security of its residents. One feature is a rent-free unit dedicated to a live-in community police offer. The building has one secure entrance which remains locked at all times and security cameras around the entrances and hallways of the buildings.

“We are excited to have worked with Rockport Mortgage and Peabody Properties to recapitalize this very important property. Their professionalism and experience made the closing process almost effortless,” said Michael Mattos, President and Executive Director of Affordable Housing and Services Collaborative, Inc.

“As the manager of Melville Towers for nearly 45 years, we are delighted to be able to continue to offer high-quality, affordable homes to all those living within the community,” said Melissa Fish-Crane, principal and COO of the Peabody Properties. “We will work diligently to ensure that these vital resident services are continued and enhanced well into the future.”

“Rockport Mortgage is pleased to provide financing to Melville Towers Apartments,” noted Dan Lyons, Managing Partner of Rockport Mortgage Corporation. “Peabody Properties’ commitment to strengthen the communities in which they serve is a core value that we share at Rockport Mortgage. As a result, it’s tremendously gratifying to continue our work with them in improving the quality of life for tenants at properties like Melville Towers.”

About Affordable Housing and Services Collaborative, Inc.

Affordable Housing and Services Collaborative, Inc. is a 501c3 non-profit organization founded in 2001 with a mission to provide and preserve affordable housing with services for a variety of populations. Fulfilling its mission is a collaborative effort that includes working with private and public partners to acquire, develop, rehabilitate and create affordable housing opportunities, as well as to enhance and expand quality of life initiatives through funding wellness, educational, vocational, and social programming. AHSC has developed many complex projects involving new construction, as well as historic and occupied rehabilitation. Through its involvement in over 20 projects they have created or preserved over 1,300 units as affordable. For more information, visit www.ahscinc.org.

About Peabody Properties

Peabody Properties is a full-service real estate firm, managing over 13,000+ units of housing throughout New England, as well as additional communities in New Jersey and Florida. This award-winning, privately held company and Accredited Management Organization (AMO) was incorporated in 1976 and is under the direction of Karen Fish-Will and Melissa Fish-Crane. Designated as a Women Business Enterprise (WBE), and certified by the Massachusetts State Office of Minority and Women Business Assistance (SOMWBA), Peabody was recently ranked #49 on the 2019 National Affordable Housing Management Association (NAHMA) Affordable 100 List, as well as a 2017, 2018 and 2019 Top Place to Work by the Boston Globe. For more information, visit www.peabodyproperties.com.

About Rockport Mortgage Corporation

Consistently ranked as one of the top FHA multi-family lenders in the country, Rockport Mortgage is a privately-held commercial banking firm located on the North Shore of Boston. Founded in 1992, Rockport Mortgage specializes in providing FHA-insured loans to market-rate, affordable and senior multi-family properties as well as assisted living and healthcare facilities. The Rockport Mortgage team works collectively to navigate the complexities of FHA/HUD-insured financing programs, developing strategic solutions to meet the diverse needs of its clients. For more information, visit www.rockportmortgage.com.

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