Refinancing extends affordability of the property through 2032
GLOUCESTER, MA…Rockport Mortgage Corporation recently announced the closing of an $8 million FHA Section 223(f) refinancing loan for Casselman House, 42 units of elderly/disabled housing, located in Newton, Massachusetts. The five-story elevator building was originally constructed in 1981 as part of HUD’s Section 202 program.
Located in the Newton Centre village of Newton, the property offers residents convenient access to a number of shopping, service, entertainment, cultural and transportation options all within short walking distance.
Owned by Newton Community Development Foundation, the property underwent significant renovations over the past two years including LED lighting, new common area flooring and carpeting, new furniture in common seating areas, renovation of the community room, elevator upgrades and the addition of a library, computer room and fitness center.
Loan proceeds will be used to recapitalize replacement reserves and provide for minor repairs to ensure that the continued maintenance of the units keeps Casselman House in very good condition for the long term.
“The knowledge, expertise and professionalism among the team at Rockport Mortgage was evident as we embarked upon a refinancing to preserve and extend the affordability of Casselman House in Newton Centre”, said Jeanne Strickland, Executive Director of Newton Community Development Foundation. “This was our first venture with RMC and we were impressed with their level of attention and guidance provided throughout the process.”
A variety of amenities and services are available for residents including an internet café with two desktop computers, free wireless internet and multiple workstation chairs. Computer training is available for interested residents and a fully stocked library includes an open seating area with tables to spread out. There is a lounge area on the fourth floor and the fifth floor houses the fitness area that, in addition to multiple exercise machines, offers classes including Tai Chi, Music and Movement and Zumba. An outdoor patio area provides fresh air and sunshine as a backdrop to pizza parties, morning coffee or gatherings with safe social distancing.
Three part-time resident services members staff the property for a total of 40 hours per week, and local vendors including Whole Foods Market and the Newton Farmers Market visit weekly and provide free bread and produce for all residents.
“Although there has been an increase in luxury residential housing opportunities in the area, senior housing continues to remain in short supply,” said Paul May, Vice President of Originations at Rockport Mortgage Corporation “We are delighted to partner with Newton Community Development Foundation to keep this property affordable for the next three decades, ensuring that low-moderate-income seniors and individuals with disabilities have access to affordable housing in a desirable, accessible location.”
“The professionalism exhibited by Newton Community Development Foundation and HUD’s Boston Regional Office was especially impressive during a time when most people were working remotely due to restrictions associated with COVID-19,” said Brian Kean, Vice President of Business Development at Rockport Mortgage Corporation. “Navigating these challenges together has laid the foundation of what we believe will be a productive partnership moving forward.”
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 Newton Community Development Foundation
Newton Community Development Foundation is a private, nonprofit organization that fosters economic and cultural diversity within the City of Newton through the development, ownership and management of affordable housing communities. NCDF also provides property management services for other nonprofit organizations and condominium associations in Newton and in neighboring communities.
Committed to ensuring the availability of affordable housing, NCDF provides some of the only points of entry into Newton’s housing market for households of modest means. The Executive Director and professional staff work closely with a distinguished Board of Directors, whose occupations include affordable housing consultants, social workers, lawyers and others with relevant backgrounds and invaluable expertise. Together they manage hundreds of units of high quality, mixed-income housing throughout Newton’s neighborhoods and beyond, for adults, families, seniors and individuals with disabilities. For more information, visit www.ncdfinc.org