Rockport Mortgage Corp. recently closed 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 in Queens’ Far Rockaway neighborhood. 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.
Rockport SVP Linda Pellegrino said, “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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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