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Beacon Communities Gets $30M Financing for Amherst Property

Jan 30, 2020 | Reprints | Unlock Link

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A 204-unit Amherst apartment complex that was the first property to be developed with financing from MassHousing has received $30 million in mortgage refinancing.

Boston-based Beacon Communities obtained the FHA Section 223(f) loan from Gloucester-based Rockport Mortgage Corp. for the Rolling Green Apartments, which it acquired in 2014.

Built in 1970, the complex contains 16 buildings on a 26-acre parcel. The complex includes 41 units restricted to households earning a maximum of 50 percent of the area’s median income.

The complex last received major updates in 2015. The new funding will pay for building and unit repairs, Beacon Communities said in a statement.

Rockport Mortgage specializes in providing FHA-insured loans to multifamily properties and assisted living and health care facilities.

B&T Daily