New York & Tri-State + Outer + Senior Housing | December 18, 2020

Rockport Provides HUD Refi on Queens Senior Housing

Rockport Mortgage Corp. recently closed a $74.5-million FHA Section 223(f) refinancing loan for Israel Senior Citizen Housing I and II, a 512-unit HUD-subsidized property for the elderly in Queens’ Far Rockaway neighborhood. The property consists of two 17-story elevatored buildings and is owned by JASA Corporation and managed by JASA Housing Management Services for the Aged.

Israel Senior Citizen Housing I and II was constructed in 1966 and developed for elderly housing under HUD’s Section 202 Direct Loan Program. The property had previously been refinanced under the FHA’s Section 223(f) Loan Program.

Rockport SVP Linda Pellegrino said, “It is well-known the city has a significant shortage of safe, affordable housing, particularly that meet the specific needs of seniors. We’re pleased to work once again with JASA, as well as with HUD, Forsyth Street Advisors and Nixon Peabody, in making full use of the affordable housing preservation tools that HUD provides.”

Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect with Rockport Mortgage

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 GlobeSt.com 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).

Order Reprints