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Rockport Mortgage Closes $10M Affordable Housing Financing
Rockport Mortgage has closed a $10.3 million HUD Section 223(f) refinance loan for Prence Grant and Meadowbrook Apartments, 70 units of subsidized affordable housing for seniors in Marshfield and Carver, Massachusetts. Originally two separate developments, the properties were combined in 2008.
This new transaction extends affordability through 2050, providing new 20-year Section 8 HAP contracts and funds for upgrades and reserves. Owned by a subsidiary of NeighborWorks Housing Solutions, managed by HallKeen Management, the restructuring ensures long-term affordability for senior residents.
“Partnering with Rockport Mortgage on this transaction provided the expert guidance to successfully restructure these assets under the HUD 223(f) program. We were able to preserve the affordability for seniors to age in place and ensure the safety and comfort of our residents for years to come,” said Noelle Humphries, associate real estate development director of NHS.
- ◦Financing
