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Boston & New England  + Massachusetts  + Apartments  |  May 21, 2024
Emily Fu
By: Emily Fu

Rockport Provides $9M Refi for MA Mixed-Income Housing 

Rockport Mortgage has closed a $9.4 million HUD Section 223(f) refinance loan for Brownstone Gardens Apartments, a 132-unit mixed-income development in East Longmeadow, Massachusetts.  

The loan proceeds were used to pay off a construction loan, fund renovations including adding elevators to all buildings, and provide for further renovations, including five fully accessible units. This refinance stabilizes ownership with a 35-year, fully amortizing, fixed-interest rate loan, ensuring the continued affordability of this important housing asset. 

Originally constructed in two phases in 1975 and 1985, the property is designated for elderly and disabled tenants, with various units receiving rental assistance from HUD and the Massachusetts Rental Voucher Program. As part of the transaction, the owners and HUD agreed to terminate the existing Project-Based Section 8 Contract and enter into a new 20-year contract, extending affordability for the Section 8 units through 2051.  

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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