STONEHAM, Mass. — Rockport Mortgage Corp. has provided a $32.9 million HUD refinancing for Mountain View Terrace Apartments in Stoneham, approximately 10 miles north of Boston.
The 194-unit property consists of one- and two-bedroom apartments for elderly residents and smaller families, as well as three- to four-bedroom, townhouse-style apartments to accommodate larger families.
Originally constructed in 1981 with a substantial rehabilitation in 2011, Mountain View Terrace comprises three five-story buildings, four two-story townhouse buildings, and one single-story community building situated on 8.2 acres. Two of the buildings are designated for individuals who are aged 62 years and older.
7ThAP Company LP owns the community, which Atlantic Tambone Management has managed since 2002. Ownership plans to continue to making capital improvements to the property, including more than $4,000 per unit in the last three years alone.
Loan proceeds will be used to refinance the existing HUD mortgage and to continue to make ongoing improvements to the property.
Mountain View Terrace Apartments benefits from a Project-Based Section 8 HAP Contract covering 100 percent of the units. In connection with the refinance, the owner and HUD agreed to terminate the existing Section 8 Contract and enter into a new 20-year Mark-Up-To-Market Section 8 Contract. At expiration of this 20-year contract, the owner said it will agree to continue to extend the Section 8 contract an additional 11 years (the remaining term of the former Section 8 contract). With this, Mountain View Terrace will be committed to Section 8 renewals for approximately 31 years.
“Mountain View Terrace Apartments was ahead of its time when developed in 1980 due to its suburban location proximity to downtown Stoneham and the interchange of Montvale Avenue and interstate Route 93,” says Anthony Tambone, vice president of Atlantic Tambone Inc. “In addition, the property has been completely renovated twice over the last 40 years since its original construction.”