August 14, 2019
Massachusetts-based multifamily finance firm Rockport Mortgage secured a $26.6-million rehabilitation loan for Yale Acres, a 162-unit affordable housing community in Meriden, CT. The property is located approximately 20 miles south of Hartford.
The financing was originated through HUD’s 221(d)(4) program, and carries a fixed interest rate and a 40-year amortization schedule. Proceeds of the loan will be used to rehabilitate 155 of the existing units as well as fund construction of an additional seven units of affordable housing.
The planned redevelopment of Yale Acres will be completed over a period of two years at a cost of approximately $53 million. Work will include the installation of a closed-loop geothermal heating and cooling system, as well as solar photovoltaic electricity and solar thermal hot water systems.
For comments, questions or concerns, please contact David Cohen