Rockport Mortgage Corporation FHA Section 223(f) refinancing loans for Verona Senior Citizens Apartments in Verona ($24 million), and Mansion Apartments in Pine Hill ($27 million).
Both properties are owned by LIHC Investment Group. Verona Senior Citizens Apartments is a 160-unit, age-restricted, subsidized Section 8 development. Loan proceeds will be used to refinance existing debt, upgrade units, and update the building.
Mansion Apartments is a 360-unit, subsidized Section 8 development located within 19 two-story multifamily buildings and one two-story management office 20 miles from Philadelphia.
Proceeds will be used to finance repairs, building and unit upgrades and fund the replacement reserve account.
LIHC entered into new 20-year project-based Section 8 contracts to keep the properties affordable more than 30 years.