Rockport Mortgage recently completed a $10.3 million refinancing deal for Prence Grant and Meadowbrook Apartments, two combined developments providing subsidized affordable housing for seniors in Marshfield and Carver, Massachusetts. This transaction secures affordability until 2050 through new 20-year Section 8 HAP contracts and funding for upgrades and reserves. The properties are owned by NeighborWorks Housing Solutions’ subsidiary and managed by HallKeen Management, ensuring long-term affordability for senior residents.
According to Noelle Humphries, associate real estate development director of NHS, partnering with Rockport Mortgage on this transaction allowed them to successfully restructure these assets under the HUD 223(f) program. This ensures that seniors can age in place while also guaranteeing the safety and comfort of residents in the years to come.
The financing was closed without any mention of Connect CRE or its affiliates.
