Financing extends affordability of Stoneham’s family and elderly housing development for 30+ years

Rockport Mortgage Corporation recently announced the closing of an FHA Section 223(f) refinancing loan totaling $32.8 million for Mountain View Terrace Apartments in Stoneham, Massachusetts. The 194-unit property consists of one- and two-bedroom apartments for elderly residents and smaller families, as well as three- to four-bedroom townhouse style apartments to accommodate larger families.

Originally constructed in 1981 with a substantial rehabilitation in 2011, Mountain View Terrace is comprised of three five-story buildings, four two-story townhouse buildings, and one single story community building situated on 8.17 acres. Two of the buildings are designated for individuals who are 62-years old and up. The property is owned by 7Th AP Company LP. Mountain View Terrace has been managed by Atlantic Tambone Management since 2002. The property has been well maintained and ownership continues to make significant capital improvements to the property, including more than $4,000 per unit in the last three years alone.

Loan proceeds will be used to refinance the existing HUD mortgage and to continue to make ongoing improvements to the property.

Mountain View Terrace Apartments benefits from a Project-Based Section 8 HAP Contract covering 100% of the units. In connection with the refinance, the owner and HUD agreed to terminate the existing Section 8 Contract and enter into a new 20-year Mark-Up-To-Market Section 8 Contract. At expiration of this 20-year Contract, the owner will agree to continue to extend the Section 8 Contract an additional 11-years (the remaining term of the former Section 8 Contract). With this, Mountain View Terrace will be committed to Section 8 renewals for approximately 31 years.

“Mountain View Terrace Apartments was ahead of its time when developed in 1980 due to its suburban location proximity to downtown Stoneham and the interchange of Montvale Ave and interstate Rt. 93. In addition, the property has been completely renovated twice over the last 40 years since its original construction,” according to Anthony Tambone, Vice President of Atlantic Tambone Inc. “Rockport Mortgage was very professional and experienced in the refinance process and we tried to assist them in every step of the process.”

“Mountain View Terrace Apartments provides a perfect blend of family and elderly housing that offers a wide range of amenities to satisfy the needs of all residents,” noted Dan Lyons, Managing Partner and President of Rockport Mortgage Corporation. “We are delighted to partner with Atlantic Tambone Management to continue to improve this property and extend the affordability of the Mountain View Terrace Apartments for years to come.”

About Atlantic Tambone

Atlantic Tambone, one of the region’s most highly respected real estate firms, offers a formal commitment to development and managing real estate to the highest possible standards underscored by our own perspective as an owner/developer. Over the past 65 years, Atlantic Tambone has developed and managed an extensive portfolio in New England and Florida, which has encompassed over six million square feet of office space, research & development, medical facilities, self-storage facilities,

Principal of Atlantic Tambone Robert F. Tambone: President, is directly involved in the day-to-day activities of all the different areas of the company, resulting in a flexible, responsive, task-oriented approach. Ongoing preventative maintenance programs minimize the potential for disruptive and unforeseen emergencies and help to preserve the property’s value. In addition, Atlantic Tambone has the capability to analyze real estate tax bills in order to file timely real estate tax abatements when necessary. For more information, visit www.atlantictambone.com

About Rockport Mortgage Corporation

Consistently ranked as one of the top FHA multi-family lenders in the country, Rockport Mortgage is a privately held commercial banking firm located on the North Shore of Boston. Founded in 1992, Rockport Mortgage specializes in providing FHA-insured loans to market-rate, affordable and senior multi-family properties as well as assisted living and healthcare facilities. The Rockport Mortgage team works collectively to navigate the complexities of FHA/HUD-insured financing programs, developing strategic solutions to meet the diverse needs of its clients. For more information, visit www.rockportmortgage.com