BOSTON – August 18, 2020 – MassHousing has provided $32.7 million in affordable housing financing to an affiliate of Atlantic Tambone Management, LLC to preserve and extend the affordability for lower-income senior citizens and families for at least 31 years at the 194-unit Mountain View Terrace in Stoneham.
"We are pleased that the affordability for the lower-income seniors and families at Mountain View Terrace will be preserved for the long term," said MassHousing Executive Director Chrystal Kornegay. "Our partnership with Atlantic Tambone Management and Rockport Mortgage will ensure that the residents can continue to live in Stoneham and for many of the senior citizens there, likely remain in the community where they have lived for many years."
"Since its completion Atlantic Tambone Management has enjoyed a terrific relationship with MassHousing and together have provided quality affordable housing to all of its tenants over the past 40 years," noted Anthony A. Tambone, Vice President of Atlantic Tambone Management LLC.
Atlantic Tambone Management, LLC refinanced Mountain View Terrace through MassHousing's Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corporation. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD provides expedited Federal Housing Administration (FHA) insurance approvals through the MAP program. MassHousing surpassed $1 billion in cumulative MAP lending earlier this year, and the Agency has built the largest MAP lending program of any state housing finance agency in the nation.
The combination of FHA insurance and a Ginnie Mae guarantee enables borrowers to access taxable mortgage financing with lower interest rates, while preserving and extending affordability for hundreds of low-income individuals, senior citizens and families. MassHousing is providing Atlantic Tambone Management LLC's affiliate, 7th AP Company LP, with a $32.7 million, 35-year permanent loan.
"Extending the affordability of Mountain View Terrace for 31-years is a huge win for the community," noted Dan Lyons, Managing Partner and President of Rockport Mortgage Corporation. "This property has been well-maintained over the years and with the repairs being done as part of this financing, Mountain View Terrace will remain a stable affordable housing resource for Stoneham. We are very pleased to continue our work with both the owners of Mountain View Terrace and MassHousing."
Developed in 1981 at 27 Mountain View Drive, Mountain View Terrace was refinanced by MassHousing in 2010, at which time the property was substantially renovated. The 194 units are contained in three, five story apartment buildings, and four, two-story townhouse buildings.
There are 128 one-bedroom apartments, 50 two-bedroom apartments, 10 three-bedroom apartments, and six four-bedroom apartments. All of the apartments are subsidized by a federal Section 8 Housing Assistance Payment contract, which has been extended by 20 years and will ensure affordability at Mountain View Terrace for at least 31 years.
In addition to the MassHousing financing for Mountain View Terrace, the Agency has financed 294 home mortgage loans in Stoneham totaling $46.3 million in financing.
About MassHousing's MAP/Ginnie Mae Initiative
MassHousing has partnered with three well-known and experienced MAP lenders CBRE, Capital One and Rockport Mortgage Corporation. The MAP lender prepares the submission of each transaction for HUD's approval. MassHousing then closes the new loan and issues a Ginnie Mae Mortgage Backed Security (MBS), which has consistently provided the multifamily mortgage industry its most competitive long term, taxable interest rates.
With each MAP/Ginnie Mae loan, MassHousing continues as the mortgagee of record and becomes a Ginnie Mae servicer. This ensures affordability, as each completed transaction will require the property owner to rent at least 20% of the units to those earning less than 80% of the area median income. Affordability at many properties could be at risk were MassHousing unable to offer this product, as owners could refinance with other lenders who do not require affordability restrictions.
About Atlantic Tambone Management, LLC
Atlantic Tambone Management, LLC is one of the region's most highly respected real estate firms and offers a formal commitment to development and managing real estate to the highest possible standards underscored by their own perspective as an owner/developer. Over the past 65 years, Atlantic Tambone Management has developed and managed an extensive portfolio in New England and Florida, which has encompassed over six million square feet of office space, research & development, medical facilities, self-storage facilities, single and multi-family housing, retail, and warehouse facilities. The scope of their service includes general development, construction management, property management, long-term financial planning, accounting, lease preparation and negotiation, and daily accounting. For more information please visit www.atlantictombone.com.
About Rockport Mortgage Corporation
Rockport Mortgage Corporation is a privately-owned commercial mortgage banking firm founded in 1992 and located on the North Shore of Boston. Rockport specializes in providing FHA-insured loans to market-rate, affordable and senior housing communities and healthcare facilities through the Department of Housing and Urban Development (HUD) and has been approved under HUD’s Multifamily Accelerated Processing (MAP) Program since the program inception in 2001. The Rockport team works collectively to navigate the complexities of FHA/HUD-insured finance programs, developing strategic solutions to meet the needs of our clients. For more information about Rockport Mortgage Corporation please visit www.rockportmortgage.com.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $25 billion for affordable housing. For more information, follow us on Twitter, Facebook and LinkedIn.