Gloucester, MA – Rockport Mortgage of Gloucester announced the closing of a $26.6 million, HUD 221(d)(4) substantial rehabilitation loan in Meriden, Conn.
Yale Acres is a 162-unit affordable housing community originally constructed in 1952 by the Meriden Housing Authority (MHA). The borrower, Yale Acres LLC of Meriden, Conn., is an affiliate of Maynard Road Corporation, a non-profit founded by the MHA to develop and maintain affordable housing through public-private partnerships. An affiliate of Meriden-based Carabetta Companies will act as the general contractor on the redevelopment.
Proceeds of the loan, in connection with proceeds received from the sale of 4% low income housing tax credits and a $5.7 million loan from the state of Connecticut Department of Housing, will be used to rehabilitate 155 of the existing units as well as fund construction of an additional seven units of affordable housing.
The planned redevelopment of Yale Acres will be completed over a period of two years at a total cost of approximately $53 million. The substantial rehabilitation will include installations of a closed-loop geothermal heating and cooling system as well as solar photovoltaic electricity and solar thermal hot water systems.