Refinancing extends senior housing’s affordability through 2055
GLOUCESTER, MA…Rockport Mortgage Corporation recently announced the closing of a $36.4 million FHA Section 223(f) refinancing loan for Borden Place Apartments, 261 units of age-restricted housing, located in downtown Fall River, MA. Managed by Peabody Properties since 1981, the development consists of two buildings, Borden Place East (145 units) and Borden Place West (116 units), situated within a two-minute walk of one another.
Located in a Designated Opportunity Zone, both buildings are easily accessible to the South Main Street Senior Center, the Fall River Public Library, retail outlets and area restaurants and stores. Heritage Park, which overlooks the Taunton River is also within walking distance and offers a boardwalk, benches, groves of trees, an antique carousel and a three-acre meadow that hosts summer concerts and festivals. The Fall River Southeastern Regional Transit Authority Terminal is located across from Borden Place East and provides residents with access to transportation throughout Fall River and New Bedford. Construction of a new MBTA train station is currently underway that will offer direct access to Boston and new roadways are being built to access the waterfront area.
Services and amenities that are available to residents that are of particular importance to seniors include single secure entrances with a buzzer system and key FOB, security cameras throughout the community monitored by management, central elevators and handrails in the corridors, grab bars in the bathtub/shower and trash rooms with trash cutes on each floor. The buildings also feature community kitchens and community space for weekly events like bingo night, arts and crafts, movie nights, bocce tournaments, karaoke, seasonal holiday celebrations and other tenant gatherings.
A full-time onsite Resident Service Coordinator assists residents with daily living activities, coordinates appointments and enrichment activities, organizes social events and manages tenant relationships with outside support groups. A visiting nurse is available one day per week to assist residents with medical needs and help tenants manage chronic conditions.
Loan proceeds will be used to refinance existing debt, fund replacement reserves and continue ongoing maintenance and minor improvements to keep the properties well maintained.
As part of the loan refinancing, the owner and HUD agreed to terminate an existing Project Based Section 8 Contract covering all 261 of the units and enter into a new 20-year Section 8 Contract. The remaining term of the original Section 8 Contract (15 years) will be added to the new 20-year Contract as a preservation tail, keeping Borden Place units affordable through 2055.
“Rockport Mortgage has been a great partner of Peabody Properties for a number of communities, and Borden Place is no exception,” said Melissa Fish-Crane, principal and COO of Peabody Properties. “We are excited to move forward with the proceeds to continue to strengthen and enhance our resident services and overall community maintenance.”
Peabody Properties, Inc., Borden Place’s management agent, has worked in the multifamily industry for more than four decades and currently manages over 5,000 units. Both properties have had consistent, quality maintenance and repairs over the years including $1.2 million in repairs in 2015 to all common areas in the buildings, the two community rooms, hallways, management office and the resident service coordinator’s office. A new intercom system was installed along with upgrades to the outdoor space and numerous other minor improvements.
“Fall River has been experiencing a major revitalization to attract businesses and young professionals to the area but housing for the senior population remains in short supply,” noted Dan Lyons, Managing Partner and President of Rockport Mortgage Corporation. “We are pleased to partner with Peabody Properties to extend the affordability of these units so that low-moderate income seniors can age in place safely and stay connected to the vibrant, growing Fall River community.”
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.