Real Estate Weekly
Image default
Deals & DealmakersDebt & Equity

LIHC lands $51M loan

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.

Related posts

Slate and RiseBoro Join Brownsville Community to Break Ground on One of NYC’s Most Sustainable Affordable Housing Projects Ever


With Pre-Built Program in Full Swing, Jack Resnick & Sons Announces 20,000 SF in Leasing Activity at 485 Madison Avenue


Northbridge Capital Sees Leasing Momentum Continue at Rebranded Suburban Office Building