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Rockport Mortgage Closes $37M Refinancing for DC Seniors Housing Property
Rockport Mortgage Corporation has closed a $37.2 million HUD Section 223(f) refinance loan for Samuel Kelsey Apartments, a 150-unit affordable seniors housing community in Washington, D.C.
Loan proceeds will be used to retire existing debt and fund a series of property renovations and
improvements designed to enhance residents’ quality of life. Originally constructed in 1923 and converted to its current use by WinnCompanies in 1983, the Samuel Kelsey Apartments benefit from a project-based Section 8 Housing Assistance Payments contract covering all 150 units.
As part of the refinancing, the U.S. Department of Housing and Urban Development and
ownership agreed to terminate the existing Section 8 contract—which had a remaining term of
six years—and replace it with a new 20-year contract, including an additional six-year extension
option. Planned improvements for the property include upgrades to the fitness center, computer center, and other shared community spaces.
