JASA Corp. announced it has received $74.5 million in Federal Housing Administration (FHA) Section 223(f) refinancing for Israel Senior Citizen Housing, a 512-unit, HUD-subsidized senior community in the Far Rockaway neighborhood of Queens, N.Y.
Rockport Mortgage Corp. closed the deal for the pair of 17-story buildings. Loan proceeds will go toward planned capital improvements.
Built in 1966 under HUD’s Section 202 Direct Loan Program, the community last received $11.8 million in HUD 223(f) financing in 2013, according to Yardi Matrix data. So far, the property benefitted from four Project-Based Section 8 Contracts for 481 units and has extended its affordability with a new, 20-year agreement. The original HUD Section 202 Use Agreement restricts the rent of 30 units.
Located in an Opportunity Zone on 2.8 acres, the property is situated 8 miles south of JFK Airport, near several beaches and parks. Beach 36th Street-Edgemere MTA subway station is a mile away.
Israel Senior Citizen Housing encompasses 309 studio and 104 one-bedroom apartments. Interior unit renovations will provide upgrades to the kitchens and baths, with additional replacement of doors and windows. The four existing elevators and common-area solariums will be modernized, while security and fire alarm systems are also set to be installed.
JASA Housing Management Services for the Aged serves as manager for the property. Residents have access to on-site integrative services, including fitness, health, music and art classes.
In October, Rockport Mortgage Corp. provided $140 million in FHA Section 223(f) refinancing for another pair of residential towers in Northern New Jersey. The loan extended the Section 8 affordability of the LIHC Investment Group-owned property by nearly 40 years.