The FHA Section 223(f) refinancing loan will maintain the affordability of Renwick Garden Apartments in Kips Bay
NEW YORK, NY—Rockport Mortgage Corporation and LIHC Investment Group today announced the closing of a $65 million FHA Section 223(f) refinancing loan for Renwick Garden Apartments, a 224-unit subsidized Section 8 property supporting many elderly and disabled tenants located in the Kips Bay neighborhood in Manhattan. The development comprises a single 15-story building located at 332 East 29th Street and is owned by LIHC, one of the nation’s largest real estate investment groups committed to the preservation of affordable housing.
Renwick Gardens benefits from a Project-Based Section 8 Contract. As part of the loan refinancing, LIHC and HUD agreed to enter into a new 20-year Mark-up-to-Market Section 8 Contract extending the affordability of the property for another 29 years, through 2049. The funding will also be used to facilitate repairs at the property to enhance and improve quality of life, including renovated bathrooms for all units and upgrades to common areas throughout the building.
“We appreciate the cooperation and commitment of Rockport and our partners at HUD and its regional New York City office to protect affordable senior housing in New York City neighborhoods where it’s needed most,” said Andrew Gendron, Principal, LIHC Investment Group. “So far this year, we’ve extended the affordability of properties that support lower-income older adults throughout our portfolio in New York City and New Jersey. We look forward to improving and fortifying these assets for the long-term and in doing so, provide peace of mind and an excellent experience for our residents.”
“LIHC and Rockport Mortgage have a longstanding partnership aligned by a common goal to rehabilitate and preserve thousands of units of affordable housing in New York City and beyond,” noted Dan Lyons, managing partner and president of Rockport Mortgage Corporation. “There is a serious shortage of safe, affordable housing that people are proud to call home, particularly in metropolitan New York. Extending the affordability of this development and providing working capital to the owner for repairs and maintenance also ensures that the value of the property is preserved for many years to come. We recognize this wouldn’t be possible without the housing preservation programs provided by HUD and the incredible contributions made during these difficult times by HUD’s New York Regional Office.”
So far this year, Rockport has provided financing for several other LIHC-owned properties, including a $42.5 million FHA 223(f) multifamily loan for Malcolm Towers in Fort Lee, NJ; a 24 million FHA 223(f) multifamily loan for Verona Senior Citizens Apartments in Verona, NJ; and a 27 million FHA 223(f) multifamily loan for Mansion Apartments in Pine Hill, NJ.
Known for a blend of comfort, quality and design, Renwick Gardens’ tenants have direct access to a number of services, amenities and facilities that are particularly relevant to their needs, including nearby NYU Langone Medical Center and Bellevue Hospital. In addition to being a smoke-free property, tenants enjoy onsite parking, high-speed internet, laundry facilities and wheelchair accessible rooms. There are several restaurants, retail stores, houses of worship and pharmacies all within a few blocks.
Kips Bay is a highly desirable New York City location with respect to access to subways and buses as well as employment, educational and cultural opportunities.
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 LIHC Investment Group
Led by Charlie and Andrew Gendron, LIHC Investment Group has grown to become one of the most respected real estate investment groups in the industry. The firm holds an ownership interest in 35,000 units of multi-family affordable housing nationwide and appears on Affordable Housing Finance’s list of the top 10 companies completing acquisitions in 2019. Over the years, LIHC has transacted with over 4,000 Limited and General Partners to acquire well over $5.5 billion in holdings, primarily in metropolitan areas such as New York City and Boston. For more information, visit www.lihc.com.