New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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
- ◦Financing
