GLOUCESTER, MA…Rockport Mortgage Corporation recently announced the closing of an FHA Section 223(f) refinancing loan totaling $81.8 million for the South Cove Plaza Community in Boston, a 231-unit housing development for the elderly and disabled constructed in 1982.
Owned and managed by Weston Associates, the development consists of two parcels, each containing a single mixed-use, mid-rise building. One of the parcels is on Tremont Street, the other on Stuart Street. The Stuart Street location consists of 142 affordable senior rental units as well as nearly 6,000 square feet of street level commercial space. The Tremont Street location contains 89 affordable senior rental units and 4,200 square feet of street level commercial space. The development contains 193 one-bedroom units and 38 two-bedroom units.
Both the Stuart Street and Tremont Street buildings feature a single primary entrance with an interior waiting area that is secured by an intercom. Each unit features grab bars in the bathrooms and emergency pull cords in the bedrooms and bathrooms. Many of the units have balconies that provide a view into the courtyards.
The Stuart Street building includes a large, well-appointed first floor lobby that includes a seating area, the tenants’ mailboxes and the building’s elevators. The first floor also houses the site office, laundry room and community room with common kitchen. The community space connects to an exterior private courtyard that contains a well-landscaped yard with small paths and a seating area. There is a fitness area on the eighth floor that opens onto a large common terrace.
The Tremont Street building provides similar onsite amenities including laundry room and community room with common kitchen. The community space connects to a smaller brick courtyard area. Each unit at the subject property features grab bars in the bathrooms and emergency pull cords in the bedrooms and bathrooms. Many of the units have balconies that look down into the courtyards. Public transportation is abundant and in close proximity to the Development.
Loan proceeds will be used to refinance existing debt and complete repairs including but not limited to, finishing carpentry upgrades, installing new exterior balcony doors and new storefront glass, drywall repair, bathroom tile and tub upgrades, acoustical ceiling tile replacement, installation of new vinyl flooring, painting apartments and common areas, mailbox upgrades, installation of new kitchen cabinets and granite countertops, installation of new appliances, installation of new carpet, modification of ADA units and common areas, elevator upgrades, unit and common area fixture upgrades, replacement of fire alarm panel and installation of smoke detectors in bedrooms.
“We are pleased to once again work with both Rockport Mortgage and HUD in completing this important refinancing for South Cove Plaza”, said Mark Donahue of Weston Associates. “This loan transaction not only preserves the affordability of the property for years to come, but also provides capital to fund important upgrades to the property, significantly improving the daily life of residents that call South Cove Plaza home.
South Cove Plaza Community benefits from a Project-Based Section 8 Contract. In connection with the proposed refinance, the owner and HUD have agreed to terminate the existing contract and execute a new 20-year Mark-up-to-Market Section 8 Contract. In doing so, the new Contract was extended by an additional 3 years (the remaining term of the original Section 8 Contract), ensuring the property will remain affordable until at least 2043.
“South Cove Plaza provides a variety of amenities including a peaceful courtyard and easy access to public transportation which is essential for elderly and disabled residents,” noted Dan Lyons, Managing Partner and President of Rockport Mortgage Corporation. “We are delighted to partner with Weston Associates to provide financing for additional enhancements that will further increase quality of life of residents at South Cove Plaza for many years.”
About Weston Associates
Weston Associates, Inc. is a real estate development and management firm with broad experience in multi-family housing, office, assisted living, and retail. Boston-based and nationally focused, the company has a number of exciting projects either currently under development or about to break ground. The firm owns and operates over 75 residential communities and 75,000 sq. ft. of commercial space in eight states. With an unblemished track record spanning over 50 years, Weston Associates can take a project from a conceptual state and carry it through all phases of development and management. Post-development, the firm’s expertise in asset and property management creates unparalleled results for clients and business partners. For more information, visit www.waboston.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