Rolling Green Village

                                                                      Newport, Rhode Island

Rolling Green is a 201 unit apartment complex that was built in the 70’s by its current owner under the HUD 203 program.  With the HUD loan approaching maturity the owners decided to convert Rolling Green to a market rate property.  NFC was able find a lender who structured a loan that allowed a fixed rate for the term and did not require construction oversight.  The existing tenants will remain under an enhanced voucher program and upon turnover the units will available to market rate tenants

Doug Nickerson stated, “We were pleased to have had the opportunity to work with the owners in placing this transaction. with a lender who took the initiative to structure a loan that met the specific objectives of our client”

 

The $11,100,000 rehab/ permanent loan has a term of 11 years a fixed rate of 6.15% on a 30 year amortization with the first five years interest only.

 

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