GLOUCESTER, Mass., Jan. 10, 2017 /PRNewswire/ -- Rockport Mortgage Corporation recently announced the closing of a $95 million loan with a 2.95% fixed interest rate and 35-year term for Summit Plaza Apartments in Jersey City, NJ. The transaction, completed under FHA's Section 223(f) Insured Loan Program, provides more than $15 million in funding for capital and energy upgrades and secures the long-term affordability of Summit Plaza through a 20-year extension of its project-based Section 8 Housing Assistance Payment Contract. FHA's Section 223(f) Insured Loan Program provides non-recourse, fully amortizing, assumable financing for up to 35 years for the purchase or refinance of market rate or affordable multifamily developments.
Dan Lyons, Managing Partner of Rockport Mortgage Corporation, noted "Our team is deeply committed to the preservation of quality, affordable housing across the nation through a variety of financing strategies to meet the needs of owners and stakeholders. The Summit Plaza transaction will reinvigorate the Journal Square transportation district, improve and preserve a critical resource for affordable housing in this community, enhance tenants' safety and comfort, improve operational efficiencies, fund the installation of leading-edge, sustainable energy systems, and increase the Section 8 rents to market-driven levels."
Rockport worked in close collaboration with the owner, the Boston, New York and New Jersey HUD offices, and the New Jersey Housing Finance Agency to complete the recapitalization. Under HUD's new transformation initiative, the Mark-Up-To-Market post-rehab Section 8 rent increase, Section 8 contract extension, and FHA 223(f) loan approval were secured in under 50 days.
About Rockport Mortgage Corporation
Rockport Mortgage Corporation is a privately owned commercial mortgage banking firm located on the North Shore of Boston. Founded in 1992, Rockport specializes in providing FHA-insured loans to market-rate, affordable and senior housing communities and healthcare facilities throughout the country. Rockport works closely with the Department of Housing and Urban Development (HUD) and has been approved under HUD's Multifamily Accelerated Processing (MAP) program since the program's inception in 2001. The Rockport team works collectively to navigate the complexities of FHA-insured financing and affordable housing programs and to develop strategic solutions to meet the diverse needs of its clients. For additional information on Rockport, please visit rockportmortgage.com. For more information about this deal, contact Dan Lyons 978-675-2002.
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SOURCE Rockport Mortgage Corporation