Rockport announces $51M financing for 2 affordable housing developments in N.J.

By Emily Bader
New Jersey | Jan 28, 2020 at 4:00 am

Rockport Mortgage Corp. announced on Monday $51 million worth of refinancing for two affordable housing developments in the state.

The two properties, Verona Senior Citizens Apartments in Verona ($24 million) and Mansion Apartments in Pine Hill ($27 million), are owned by LIHC Investment Group, a real estate firm.

Verona Senior, which is situated on five acres and constructed in 1981, is a 160-unit, age-restricted, subsidized Section 8 mid-rise building with studio and one-bedroom units. Loan proceeds will be used to refinance existing debt, upgrade units and updates the building, including new kitchens and bathrooms, vinyl flooring, main entry doors, a new generator, new energy recovery ventilation unit and upgraded security. Amenities include a part-time resident service coordinator, sitting areas, a large community room, library and game room.

Mansion Apartments, which is situated on 25 acres and constructed in 1973, is a subsidized Section 8 development comprised of 19, two-story multifamily buildings with a total of 360 units with one- and two-bedroom apartments. The loan will be used to finance repairs, building and unit upgrades — including renovations to kitchens and baths in all units — the installation of new HVACs, new patio doors, a new generator, sewage pump lift station, and accessibility upgrades. Amenities include two outside pools, a playground, a community room and management office, off-street parking, and more.

“We are proud to work with Rockport and HUD to finalize this strategic and important financing for both properties,” Andrew Gendron, principal, LIHC Investment Group, said. “This transaction places affordable homes at Verona Senior Citizens Apartments and Mansion Apartments on secure footing for years to come, ensuring they will continue to serve existing and future residents as well as their surrounding communities.”