AMHERST — A $30 million refinancing loan will mean extensive repairs, including some that are considered critical, for the 204-unit Rolling Green Apartments at 422 Belchertown Road.
Rockport Mortgage Corp. of Gloucester announced Wednesday that it has closed on a refinancing loan, under the U.S. Federal Housing Administration, for Beacon Communities, LLC, of Boston, which has owned and managed the complex that includes 41 permanently affordable apartments since 2014.
Dara Kovel, Beacon Communities’ CEO, said in a statement that her company appreciated working with Rockport on the transaction.
“Rolling Green Apartments has the distinction of being the first development to be financed by MassHousing back in 1970,” Kovel said.
Five years ago, Beacon completed a series of upgrades at the property included installing new windows, new patio and balcony doors, new siding and railings, repainting the facade, installing French drains and replacing air-conditioning sleeves.
Built on 26.2 acres, the site includes 16, two-story apartment buildings, with 64 one-bedroom, 103 two-bedroom, 31 three-bedroom, and six four-bedroom units. Amenities include an outdoor pool, basketball court, playground, picnic area, and laundry facilities.
The 41 units that are income-restricted, done in part through the town spending $1.25 million to preserve the affordable housing, can only be rented to individuals or families earning up to 50% of the area’s median income.
