GLOUCESTER, MA—Rockport Mortgage Corporation recently announced the closing of a $74.5 million FHA Section 223(f) refinancing loan for Israel Senior Citizen Housing I and II, a 512-unit HUD-subsidized property for the elderly located in the Far Rockaway neighborhood of Queens, NY. The property consists of two 17-story elevatored buildings and is owned by JASA Corporation and managed by JASA Housing Management Services for the Aged.
Israel Senior Citizen Housing I and II was constructed in 1966 and developed for elderly housing under HUD’s Section 202 Direct Loan Program. The property had previously been refinanced under the FHA’s Section 223(f) Loan Program.
The development has benefited from a total of four Project-Based Section 8 Contracts covering 481 units. An additional 30 units are rent restricted by the original HUD Section 202 Use Agreement. In connection with this refinancing, JASA and HUD have agreed to enter into a new single 20-year Project-Based Section 8 Contract covering all 481 Section 8 units, thereby extending the affordability of this important housing resource through 2040.
The property’s location is ideally suited to the tenants living there given its walkability and close proximity to beaches, shopping, parks, restaurants and various forms of public transportation that connect the Far Rockaway neighborhood with the other New York City boroughs. In addition to its advantageous location, residents of the property will benefit from JASA’s expertise in the aging services. JASA employs a full-time Resident Services Coordinator to assist tenants with a variety of activities and the coordination of community services as well as provides full-time security staff to oversee the buildings and grounds. Residents will have the opportunity to engage with JASA’s breadth of integrative services, including social and virtual programming, health and mental health services, and home-delivered meals, that promote and recognize the diversity of the older adult community
Loan proceeds will be used to fund extensive capital improvements that will improve the quality of life for tenants living at the property. Unit improvements include upgrading a significant number of kitchens and baths, the replacement of a large number of doors, windows, thru-wall AC units and flooring, and interior unit painting. Additional property improvements include modernization of the four-elevators, installation of smart building video intercom and security systems, a new fire alarm system, a new boiler plant system and the renovation of common area solariums.
“As an industry leader in affordable senior housing, we see first-hand the overwhelming demand for this type of high-quality housing in New York City. We are thrilled to be able to provide our tenants with added services and upgraded facilities thanks to our partners at Rockport Mortgage Corporation. Now, more than ever, the older adults we serve need a safe and secure place to call home,” says Donald Manning, JASA’s Executive Director of Real Estate & Management.
“Israel Senior Citizen Housing is an incredibly valuable housing resource not only for the neighborhood of Far Rockaway, but also for the Borough of Queens and New York City as a whole, noted Linda Pellegrino, Senior Vice President of Rockport Mortgage Corporation. “It is well-known the City has a significant shortage of safe, affordable housing, particularly that meet the specific needs of seniors. We’re pleased to work once again with JASA, as well as with HUD, Forsyth Street Advisors and Nixon Peabody, in making full use of the affordable housing preservation tools that HUD provides. When the cost of new construction is so incredibly high, particularly in areas such as New York City, these preservation tools have a huge impact on providing safe, affordable housing for the most vulnerable members of our society.”
JASA is the go-to agency serving older adults in New York City, providing critical services to over 40,000 people annually. Founded 50+ years ago, JASA is a leading expert and innovator in aging services that recognizes the diversity among the aging population and honors older adults as vital members of society.
JASA’s life-changing support services, interventions and partnerships promote aging with a purpose and provide autonomy for older adults to remain in their homes and communities. JASA operates ten affordable housing properties, is a licensed home care agency and offers a breadth of integrative services citywide spanning free legal services, health and mental health services, home- delivered meals, social programming at senior centers and community trainings on elder abuse, peer health support, caregiver assistance and more. For more information, please visit www.jasa.org or follow @JASASeniors on Facebook, Twitter and Instagram.
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.