Park Hill Apartments
$394.9 million HUD Financing for Acquisition Costs and Major Rehabilitation
Rockport Mortgage, along with the new owners of Park Hill Apartments I and II and St. George Apartments - collectively known as Park Hill Apartments - recently closed 3 FHA loans totaling $394.9 million to finance the acquisition.
Tenants of Park Hill Apartments receive rental assistance through three separate Section 8 contracts, covering a combined 1,090 of the properties' 1,107 units.
A major rehabilitation of Park Hill Apartments will improve residents' quality of life, featuring a comprehensive scope of upgrades that include in-unit kitchen and bathroom renovation, new interior finishes such as flooring and fresh paint, replacement of all interior and exterior doors, and installation of a new intercom system.
