Press Releases
MassHousing Closes on $38.5 Million for the Refinancing and Renovations at Two Brockton Affordable Housing Communities
Beacon Communities will complete approximately $10.7 million in combined property improvements at the 168-unit Pine Commons and the 120-unit Pine Gardens housing communities
May 25, 2022

BOSTON – May 25, 2022 – MassHousing has closed on a total of $38.5 million in affordable housing financing to Beacon Communities LLC, to preserve affordability at two affordable housing communities in Brockton. The MassHousing financing will also allow Beacon Communities to complete approximately $10.7 million in combined property improvements.

MassHousing is providing Beacon Communities with $23.3 million in financing for the 168-unit Pine Commons, where approximately $6.6 million in property improvements are planned, and $15.2 million in financing for 120-unit Pine Gardens, where approximately $4.1 million in property improvements are planned.

"Pine Commons and Pine Gardens provide quality affordable housing and economic opportunity to dozens of families in Brockton," said MassHousing Executive Director Chrystal Kornegay. "Beacon Communities has ensured the long-term affordability at these two housing communities through federal housing subsidies and will now embark on significant property improvements for the residents."

Mary Corthell, Beacon Communities' Executive Vice President of Asset Management, noted, "We are very proud to partner with MassHousing on this refinancing. The planned renovations at Pine Commons and Gardens will enhance the quality of life for our residents and aligns with our mission of maintaining outstanding communities."

Pine Commons and Pine Gardens were refinanced 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 has surpassed $1.75 billion in cumulative MAP lending 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 Beacon Communities a $23.3 million, 35-year permanent loan for Pine Commons and a $15.2 million permanent loan for Pine Gardens.

"Rockport Mortgage is pleased to once again work with the principals of Beacon Communities and MassHousing in preserving the affordability of Pine Gardens and Pine Commons," said Dan Lyons, President of Rockport Mortgage. "The properties will continue to serve as valuable affordable housing stock for the community of Brockton for many years to come."

Located on Pine Grove Drive in Brockton, Pine Commons consists of 138 two-bedroom apartments and 30 three-bedroom apartments in 19 three-story buildings. Of the 168 apartments, 148 are subsidized by a federal Section 8 Housing Assistance Payment contract and 20 apartments are rented at unrestricted rates.

Pine Gardens consists of 114 two-bedroom apartments and six three-bedroom apartments in 13 three-story buildings. Of the 120 apartments,101 are subsidized by a Section 8 HAP contract and 19 apartments are rented at unrestricted rates. The Section 8 HAP contracts at Pine Commons and Pine Gardens are in place until 2053, ensuring affordability for at least 30 years.

Pine Commons and Pine Gardens are part of an overall, housing community development called Pine Estates. Pine Estates also includes two-story maintenance and daycare buildings, and a single-story clubhouse with a community room, management office, resident service office, and a computer center. The property also has an outdoor swimming pool, playground, and basketball court.

Property improvements planned for Pine Gardens and Pine Commons are apartment refurbishments, new security camera system, lighting, window, storm door, roofing, siding, playground and gutter replacements, and accessibility, landscaping, paving, sidewalk, and parking improvements. Additionally, 15 apartments will be converted to accessible units which will comply with ADA standards.

MassHousing has financed 15 rental housing communities in Brockton involving 2,392 total units and $91.42 million in financing. The Agency has provided 1,989 home mortgage loans to Brockton homebuyers or homeowners totaling $282.9 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 percent of the units to those earning less than 80 percent 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 Beacon Communities LLC

Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Their portfolio includes affordable housing, market rate housing and mixed income-housing. Their developments range from new construction, to historic adaptive reuse, to the renovation of existing housing. They take on challenging developments and make them succeed. Their driving passion is to create well-designed, healthy homes that improve the quality of life of their residents and enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC please visit

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

About MassHousing

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 $27.5 billion for affordable housing. For more information, follow us on Twitter, Facebook and LinkedIn.


Media Contacts

Paul McMorrow
Tom Farmer

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Boston, MA 02108