The Summit Plaza Apartments has received $95 million in financing that will enable the property to remain affordable. The funding, completed under FHA’s Section 223(f) Insured Loan Program, provides more than $15 million in funding for capital and energy upgrades, and secures the long-term affordability of the property through a 20-year extension of its project-based Section 8 Housing Assistance Payment Contract. Located in Jersey City, 99 percent of the 291 units receive Section 8 assistance, meaning their tenants pay no more than 30 percent of their adjusted income for rent. Rockport Mortgage Corp. facilitated the loan, which has a 2.95 percent fixed interest rate and 35-year term.
Dan Lyons, Managing Partner of Rockport Mortgage Corporation, said the Summit Plaza transaction “will reinvigorate the Journal Square transportation district, improve and preserve a critical resource for affordable housing in this community, enhance tenants’ safety and comfort, improve operational efficiencies, fund the installation of leading-edge, sustainable energy systems, and increase the Section 8 rents to market-driven levels.”
