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Rockport Mortgage Closes $10.3M HUD Loan For Senior Housing Units In MA
FINANCED
$10,300,000
Massachusetts
See Similar DealsMultiFamily
Financed 05/20/2024
FINANCED
Rockport Mortgage Closes $10.3M HUD Loan For Senior Housing Units In MA
1 Meadowbrook Way & 780 Webster Street
See Similar DealsMultiFamily
Financed 05/20/2024
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan
The $10.3 million HUD Section 223(f) refinance loan was closed by Rockport Mortgage Corporation for Prence Grant and Meadowbrook Apartments. The loan secures long-term affordability for 70 senior housing units located at 1 Meadowbrook Way & 780 Webster Street in Marshfield and Carver, Massachusetts.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $10,300,000
- Units: 70
- Lender: Rockport Mortgage Corporation
- Landlord: Noelle Humphries - NeighborWorks Housing Solutions
- Market: Carver & Marshfield, MA
- Loan Type: Refinance
Rockport Mortgage Corporation facilitated the $10.3 million HUD Section 223(f) loan, ensuring the long-term affordability of 70 senior housing units in Marshfield and Carver, Massachusetts. The transaction was completed for Prence Grant and Meadowbrook Apartments, benefiting from the efforts of Noelle Humphries from NeighborWorks Housing Solutions.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$10,300,000.00
Monthly NOI$68,666.67
Monthly Debt Service$65,103.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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