BOSTON – May 11, 2026 – MassHousing has closed on $26.4 million in financing to Rogerson Communities for property improvements and the refinancing of the 135-unit Beacon House in Boston's Beacon Hill neighborhood that will extend affordability for the senior residents living there.
The non-profit Rogerson Communities completed the transaction through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corporation.
"MassHousing is excited for the residents of Beacon House who will have long-term affordability and see improvements to the property while still being able to enjoy all the benefits and amenities of living in their neighborhood," said MassHousing CEO Chrystal Kornegay. "We were pleased to partner with Rogerson Communities to preserve and upgrade this important source of senior affordable housing in Beacon Hill."
"Beacon House is a shining example of what quality affordable homes for older adults in Boston could be," said Rogerson President and CEO Walter Ramos. "This refinancing will allow us to begin some exciting renovation and upgrade work and continue to raise the bar on Beacon Hill. We are grateful to MassHousing for helping us deliver on our mission."
The eight-story building on Myrtle Street was converted from a hotel to apartments in 1983. Floors three through eight contain 117 residential units for residents aged 55 and over. The second floor contains 18 units that are rented through a commercial lease to nearby Massachusetts General Hospital for use by patients and their family members.
There is an additional building unit occupied by a maintenance manager. The ground floor includes five commercial spaces, and the building also includes two community rooms, a rooftop deck, a large patio on the first floor, common seating areas throughout, a common area laundry and a fitness room.
Of the 117 rental units, 85 are subsidized by a federal Section 8 Housing Assistance Payment Contract for residents earning up to 50% of the Area Median Income (AMI). As part of the transaction, the property owner executed a new 20-year HAP contract, which will include eight years remaining on the previous contract for a 28-year affordability extension. The remaining 31 rental units are income-restricted in perpetuity through an agreement with the city of Boston with 15 restricted to households earning up to 120% of AMI and 16 units restricted to households earning up to 80% of AMI.
Among the approximately $5 million in property improvements planned for Beacon House are accessibility and life safety upgrades, masonry work, window replacement, HVAC upgrades, roof replacement, fire safety systems upgrades, boiler upgrades, and common area upgrades.
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 Rogerson Communities with a $26.4 million, 35-year permanent loan.
“Preserving and extending affordability at Beacon House ensures that older adults can continue to call one of Boston's most iconic neighborhoods home for decades to come," said Dan Lyons, President of Rockport Mortgage. “We're proud to partner with MassHousing and Rogerson Communities to lock in long-term affordability and deliver the meaningful property improvements that will allow this senior community to thrive on Beacon Hill for years to come.”
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 Rogerson Communities
Rogerson Communities provides affordable homes, memory care, senior living, and adult day health solutions for older adults in Massachusetts. A resource to the community since 1860, today we serve more than 2,000 older adults across 25 communities and programs, providing a diversity of individuals with greater independence and longevity. Rogerson’s mission is to enhance the well-being of older adults by elevating housing, community, and care to address their needs as they age. Our goal is a world where every older adult feels valued and can age with dignity in their community. More information can be found at Rogerson.org.
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. 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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