Refinancing extends affordability of the property through 2053
GLOUCESTER, MA…Rockport Mortgage Corporation recently announced the closing of a nearly $20 million FHA Section 223(f) refinancing loan for Bedford Towers, a 157-unit family and senior housing development located in New Bedford, Massachusetts. Originally constructed in 1977, the development consists of 1 high rise building and 7 two-story townhouses buildings located on two parcels of land totaling 5.75 acres in downtown New Bedford.
Bedford Towers, managed by Peabody Properties, offers access to a number of shopping, service, entertainment, and transportation options all within short walking distance. The property obtained a walk score of 73 which is considered “very walkable” which is important for the families and active seniors who live there. Considered a desirable property, Bedford Towers has had a 99.7% occupancy for the past three years running.
“Bedford Towers is a wonderful community, and we are glad to have worked with Rockport Mortgage to achieve this refinancing, which will allow us even more flexibility as we look to augment the services we offer our residents, and their surroundings,” said Melissa Fish-Crane, principal and COO of Peabody Properties.
There are a number of services and conveniences for senior residents including access to the New Bedford Council on Aging and The Buttonwood Senior Center. An onsite Resident Services Coordinator helps residents schedule health appointments and other requested services, and a Wellness Nurse staffs the property 8 hours/week to handle non-emergency health consultations and hospital discharges. For those who want direct access to Boston, an MBTA Commuter Rail extension will be in place by 2023.
Loan proceeds will be used to refinance the development and make minor repairs to keep the maintenance and quality of the units consistent. As part of the loan refinancing, the owner and HUD agreed to terminate the existing Section 8 Contract and enter into a new 20-year Mark-up-to-Market Section 8 Contract. In doing so, the new Contract was extended by an additional 13 years (the remaining term of the original Section 8 Contract). As a result, Bedford Towers will remain an affordable property for another 33 years.
“Bedford Towers, being located in downtown New Bedford, allows residents, and in particular senior residents, convenient, walkable access to important services, retail shopping and entertainment,” noted Dan Lyons, Managing Partner and President of Rockport Mortgage Corporation. “We are delighted to partner with Peabody Properties once again to extend the affordability of this important property in New Bedford for many years to come.”
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
About Peabody Properties
Peabody Properties traces its roots back to the 1890’s when Ed Fish’s grandfather, Manus Fish, started a construction business in Boston, Massachusetts. Today, with its rich history and strong legacy, Peabody Properties is one of the largest and most respected management companies in the Northeast with a solid reputation for excellence.
The impact of Ed Fish’s efforts on behalf of multi-family housing resonates strongly throughout the company and will live on through the personal commitment of his children, Karen Fish-Will, Principal & CEO and Melissa Fish Crane, Principal & COO and through the talented leadership team and staff. Their vision and core values directly impact the way the company continues to do business, which directly impacts the lives of all those who call one of Peabody Properties’ managed communities home.