Affordable Boston Community Lands $33M Refi

The FHA Section 223(f) financing will preserve affordability at Mountain View Terrace Apartments for the next 31 years.
Mountain View Terrace

Rockport Mortgage Corp. has closed a $32.8 million loan through FHA Section 223(f) for Mountain View Terrace Apartments, an affordable community in Stoneham, Mass. According to Yardi Matrix data, Atlantic Tambone will use the financing to retire $14.8 million in existing debt, representing a Section 542(c) loan taken out in 2010, as well as continue ongoing improvements to the community.    

The property benefits from a Project-Based Section 8 HAP contract, which covers all 194 units. The owner and HUD agreed to terminate the existing Section 8 contract and sign a new Mark-Up-To-Market Section 8 agreement with an 11-year extension period after the expiration of the original 20-year term.    

Located at 27 Mountainview Drive, the property is less than a mile from Interstate 93, within walking distance of retail and dining options, roughly 10 miles north of downtown Boston. Completed in 1981, the community underwent considerable rehabilitation in 2011, followed by additional improvements valued upward of $4,000 per unit during the past three years. Mountain View Terrace comprises one- and two-bedroom units and three- and four-bedroom townhouse-style apartments on 8.2 acres.    

At the end of August, Rockport Mortgage Corp. joined forces with MassHousing to provide a $27.3 million loan for Simon C. Fireman Community. The affordable senior community is some 16 miles from downtown Boston and has 160 units.