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Rockport Mortgage Provides Refi on Crown Heights Affordable

Rockport Mortgage Corporation recently closed on an FHA Section 223(f) refinancing loan of $38.6 million for Union Street Houses in Brooklyn’s Crown Heights neighborhood. The 119-unit affordable property is owned by Scott Jaffee, managing member of Metropolitan Realty Group, LLC.

Funding will be used to complete capital improvements to enhance the marketability of the property and improve quality of life for residents. Units will be updated with new bathrooms, and a select number of units will receive new vinyl plank flooring. In addition, the property’s six buildings will receive updated hallway and lobby improvements including new mailboxes, a new boiler and modernization of three elevators.

As part of the refinancing, the owner entered into a new 20-year Mark-Up-To-Market Section 8 Contract at loan closing, extending the existing 15-year Section 8 commitment to ensure Union Street Houses remains affordable for the next 35 years.

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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 13-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 15-20 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 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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