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