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.
For comments, questions or concerns, please contact Paul Bubny