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Boston & New England  + New England  + Finance  |  August 14, 2019
David Cohen
By: David Cohen

Rockport Secures $27M Financing for Connecticut Affordable Housing Community

Massachusetts-based multifamily finance firm Rockport Mortgage secured a $26.6-million rehabilitation loan for Yale Acres, a 162-unit affordable housing community in Meriden, CT. The property is located approximately 20 miles south of Hartford.

The financing was originated through HUD’s 221(d)(4) program, and carries a fixed interest rate and a 40-year amortization schedule. Proceeds of the loan will be used to rehabilitate 155 of the existing units as well as fund construction of an additional seven units of affordable housing.

The planned redevelopment of Yale Acres will be completed over a period of two years at a cost of approximately $53 million. Work will include the installation of a closed-loop geothermal heating and cooling system, as well as solar photovoltaic electricity and solar thermal hot water systems.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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