$55M Financing for Mixed-Income Community Close to Downtown Boston

Rockport Mortgage arranged the HUD 223(f) refinance of the 465-unit Mystic Place Apartments on behalf of a WinnCompanies affiliate.
Mystic Place interior, Medford., Mass.

Mystic Place interior, Medford., Mass.

BostonRockport Mortgage Corp. recently closed the $50 million refinancing of Mystic Place Apartments, a three-building, 465-unit mixed-income community in Medford, Mass.

The transaction was closed in collaboration with MassHousing and utilized the HUD 223(f) program. Originated by Rockport Mortgage Managing Partner Joe Mueller and Vice President Linda Pellegrino, the financing was secured through MassHousing’s MAP/Ginnie Mae Mortgage Backed Security (MBS) program, an initiative assisting households with earnings below the 80 percent mark of the area median income. With the help of the $55 million, 140 units (30 percent of the property) will remain affordable until 2050.

Mystic Place was completed in 1976 under the Section 236 Program and is owned and managed by Winn Residential. Located at 3610 Mystic Valley Parkway, the community is located in the vicinity of I-93/Northern Expressway and within a 20-minute ride from both Harvard Square and Boston’s Financial District.

According to Yardi Matrix, the property offers 116 one- and 349 two-bedroom apartments, offering 620 and 935-square-foot floor plans, respectively. Common area amenities include a fitness center, business center, clubhouse, tennis court, basketball court, laundry facilities, and 500 parking spots.

Images courtesy of livemysticplace.com