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New York & Tri-State  + Downtown New York  + Finance  | 

LIHC, Rockport Mortgage Arrange $74M Refi on Nolita Apartments

LIHC Investment Group and Rockport Mortgage Corporation closed on an FHA Section 223(f) refinancing loan totaling $74 million for Little Italy Restoration Apartments (LIRA) at 21 Spring St. in Nolita.

In connection with the refinancing, LIHC and HUD entered into a new 20-year Section 8 Contract at loan closing, and agreed to further extend the Contract by the number of years remaining on the prior Section 8 Contract. This agreement will extend the property’s existing Section 8 contract through 2043.

“We are delighted to use our expertise to preserve LIRA as affordable housing in a community that desperately needs it,” said Andrew Gendron, principal at LIHC.

Funding will be used to complete capital improvements. This includes upgrades to all kitchens, along with bathroom renovations. The building’s common areas will also get a facelift.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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