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Rockport Mortgage Announces $9M for Multifamily Affordable Housing in Lowell

GLOUCESTER, MA… Rockport Mortgage Corporation recently announced the closing of an FHA Section 223(f) refinancing loan totaling $9 million for the Lowell Belvidere Apartments in Lowell, MA. The property is managed by Peabody Properties. Situated on 1.28 acres in the Belvidere neighborhood of Lowell, the property consists of 70 family apartments (1-4 bedrooms) contained in…

Rockport Mortgage Announces $42.7M Financing for Melville Towers Apartments in New Bedford, MA

Rockport Mortgage Corporation recently announced the closing of an FHA Section 223(f) refinancing loan totaling $42.7 million for Melville Towers, an elderly apartment complex located at 850 Pleasant Street, New Bedford, MA. The property is owned by the non-profit Affordable Housing & Services Collaborative, Inc. and managed by Peabody Properties. Melville Towers Apartments, located in…

Rockport Mortgage Announces $30M in Financing for Rolling Green Apartments in Amherst, MA

Rockport Mortgage Corporation recently announced the closing of an FHA Section 223(f) refinancing loan for Rolling Green Apartments in Amherst, MA totaling $30 million. The property has been owned and managed by Beacon Communities LLC. since 2014. The property, constructed in 1970, is a mixed-income rental development located on 26.2 acres and is comprised of…

Rockport Mortgage and LIHC Investment Group Announce $51M in Financing for Two Affordable Housing Developments in New Jersey Significantly Extending the Affordability of Both Properties

Rockport Mortgage Corporation recently announced the closing of two FHA Section 223(f) refinancing loans totaling $51 million. Verona Senior Citizens Apartments in Verona ($24M), and Mansion Apartments in Pine Hill ($27M). Both properties are owned by LIHC Investment Group, one of the nation’s largest real estate firms committed to the preservation of affordable housing. Situated…

Rockport Mortgage Announces $109 MM in Multifamily Financing Transactions

Rockport Mortgage Corporation is pleased to announce recent loan closings totaling $109 million in loan volume. These loan closings, all HUD Section 223(f) loan transactions, help to preserve 752 units of affordable housing in Massachusetts and New Hampshire. “The combination of near historic low interest rates and the competitive terms that FHA loan programs offer…

Rockport Mortgage Announces $26M Multifamily Affordable Financing in Connecticut

Rockport Mortgage of Gloucester, MA, announced today the closing of a $26.6 million, HUD 221(d)(4) substantial rehabilitation loan in Meriden, CT. Yale Acres is a 162 unit affordable housing community originally constructed in 1952 by the Meriden Housing Authority (“MHA”). The borrower, Yale Acres LLC of Meriden, CT, is an affiliate of Maynard Road Corporation,…

Rockport Mortgage Announces $50 million Multifamily Affordable Financing in New York City

For Immediate Release May 14, 2019 Media Contact: Tara Goodwin (508) 404-1745; tara@goodwinpr.com 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”,…

Rockport Mortgage Closes $1 Billion in FHA Multifamily Loans for HUD Fiscal Year 2018; Ranks Fourth Nationally.

For Immediate Release April 17, 2019 Media Contact: Tara Goodwin (508) 404-1745; tara@goodwinpr.com GLOUCESTER, MA…Rockport Mortgage Corporation today announced that it has once again maintained a top position in the HUD lender rankings for multifamily dollar volume and loan commitments, and closed over $1 billion in FHA loan volume during HUD’s fiscal year 2018.  This…
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