GLOUCESTER, MA…Rockport Mortgage Corporation today announced that it has closed on a $50.3 million HUD Section 223(f) refinancing loan in lower Manhattan.

The property, an elderly housing development with more than 150 units, benefited from a 20-year housing assistance payment, or “HAP”, contract with the Department of Housing and Urban Development (HUD). As part of the loan transaction, the owner of the property and HUD each agreed to effectively extend the term of the HAP contract for a period of 39 years, preserving the affordability of the property until 2058.

“Our team shares a deep commitment to the preservation of quality, affordable housing across the nation,” said Dan Lyons, Managing Partner of Rockport Mortgage Corporation.“

Proceeds of the loan will be used by the owner to refinance existing debt and recapitalize reserves, complete needed upgrades and improvements for its residents, and further support the owner’s mission in meeting the diverse needs of the elderly in New York City.

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 additional information about Rockport Mortgage please contact Dan Lyons at 978-675-2002.