BOSTON – December 10, 2025 – MassHousing has closed on $4.9 million in financing for the acquisition and extension of affordability for 28 years for senior citizens and disabled residents living at the 30-unit St. Mathieu's Apartments in Fall River.
St Mathieus Preservation LLC, a joint venture between Aedera Companies and SHIFT Capital, acquired the property with financing through MassHousing's Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corporation.
The 30 units at the four-story St. Mathieu's Apartments are subsidized by a federal Section 8 Housing Assistance Payment Contract. As part of the transaction, the property owner executed a new 20-year HAP contract, which will include eight years remaining in the previous contract.
"This financing will not only allow the new owner to preserve this important housing resource for its residents but extend the affordability for nearly three decades to come," said MassHousing CEO Chrystal Kornegay.
"We are proud to carry forward the legacy of St. Mathieu's Apartments to provide high-quality housing for residents, and we are grateful for the support of our partners to ensure preservation of the property with affordability protections," said Alison Carey, founder of Aedera Companies.
Originally built in 1930 as a school, the property was converted to rental housing in 1982. It has 28 one-bedroom apartments and 2 two-bedroom apartments as well as a community room and computer room. The property also offers on-site resident services.
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 $2.5 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 provided the new owner with a $4.9 million, 35-year permanent loan.
"Preserving and extending affordability at St. Mathieu's Apartments ensures that some of Fall River's most vulnerable residents can remain safely housed in their community," said Linda Pellegrino, Senior Vice President of Rockport Mortgage. "We're pleased to partner with MassHousing and St Mathieus Preservation LLC to secure this critical resource for seniors and disabled residents for decades to come."
Newmark Affordable Housing Advisors, a leading commercial real estate adviser and service provider to institutional investors and owners, facilitated the sale, connecting the seller, a locally based business, with Aedera and SHIFT as the buyer.
About MassHousing's MAP/Ginnie Mae Initiative
MassHousing has partnered with experienced MAP lender Rockport Mortgage Corporation. Rockport 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 with 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 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 www.rockportmortgage.com.
About MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent, financially self-sustaining agency created in 1966 to confront the Commonwealth's housing challenges. The Agency provides financing to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve rental housing. As a mission-driven agency, MassHousing uses housing finance to strengthen communities, to help people build economic prosperity, and to expand homeownership. Since its inception, MassHousing has provided more than $30 billion to support homeownership and rental housing opportunities across Massachusetts. For more information, visit www.masshousing.com.
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