Rockport Mortgage Corp. has arranged $55 million for the refinance of a 465-unit housing development in Medford.

Mystic Place Apartments, owned by an affiliate of WinnCompanies, is comprised of three high-rise buildings situated on 9 acres along the Mystic Valley Parkway in Medford.

Mystic Place was recapitalized in 1999 through MassHousing and with the use of Medford Housing Authority enhanced vouchers.

The recent refinance transaction was done in collaboration with MassHousing through their MAP/Ginnie Mae Mortgage Backed Security program. The program, designed to preserve and extend the availability of affordable housing in the commonwealth, requires the mortgagor to reserve 20 percent of the subject property’s units for households earning no more than 80 percent of the area median income AMI for at least 15 years. With the completion of the Mystic Place transaction, the affordability restrictions on 140 affordable housing units, or 30 percent of the property’s units, were extended through year 2050.

The loan was originated by Managing Partner Joe Mueller and Vice President Linda Pellegrino.