Rockport Mortgage Corporation has provided $170.54 million in financing on a federal affordable public housing project in the Lower East Side of Manhattan, Real Estate Capital has learned based on city property records.
The loan on the 205-unit Grand Street Guild affordable housing complex, managed by Wavecrest Management Company, includes three 26-story multifamily buildings at 410 Grand Street, 460 Grand Street, and 131 Broome Street.
The loans are securitized instruments that mature on January 1, 2051 and are backed by the US Department of Housing and Urban Development (HUD). The loan servicer on the mortgages was Red Mortgage Capital.
A $55 million renovation project on the affordable housing complex in March 2013 included the redesign of all public space and the installation of new kitchens and bathrooms in all apartments, new landscaping, and a new 3,500 sq ft maintenance building. The buildings were built in 1974.
The complex houses low-income renters through the HUD’s Section 8 program. The voucher program is the federal government’s main program for helping very low-income families, the elderly and disabled to afford single-family homes, townhouses and apartments.
Rockport Mortgage Corporation is a national lender on multifamily properties with a focus on HUD-backed programs. The Lower East Side, or LES, is a neighborhood in the southeastern part of Manhattan.