Rockland Place Apts. is still in the dark while violence continues in the common areas. Another fight took place between the area of building 160 and 141 Martha Drive on August 15, 2008, around 10pm. This was after a violent knife and boulder attack, just a few weeks prior.
Still no promised police substation or security cameras installed, as promised by new owners. Rents continue to be raised and will not be affordable into perpetuity (another false promise by new owners). See documented information below*.
*-A 75% owned subsidiary of the Company (Connelly and Partners, LLC) is the owner of a limited liability company which is a .0005% General Partner in a partnership that has acquired a 204 unit apartment complex. The project was purchased for approximately $4,710,000 from the previous owner, plus an assumption of a $18,315,000 5.36% note from Mass Housing which is not due until January, 2024 at which time the Partnership has an option to buy the property at fair market value. Additionally, a $4,268,813 note at zero interest payable to HUD which is not due until sale, refinancing, end of affordability or repaid from Residual Receipts Funds.
The .999% Limited Partners are investing approximately $9,364,000 and will receive .999% of the Low Income Housing Tax Credits. The funds will be used for a $9,398,000 rehabilitation project which will be done by EH&N Construction Company, a wholly owned subsidiary of its Company.
The General Partner will collect a development fee of approximately $1,600,000 which could be reduced by cost overruns.
FHRC Management Corp., a wholly owned subsidiary of the Company will manage the Property. (It's the same property manager employee as from Cornerstone Corporation.)
Additional financing of approximately $5,700,000 will be provided by Mass Housing Finance Agency and $500,000 will be provided by the Department of Housing and Community Development, State of Massachusetts.
The accounting treatment of the transaction has not been determined to date and is under review.
*According to a published document on December 1, 2006.
Freedom can not ring in an oppressive society. This blog reflects thoughts, personal experiences, + several notes of interest on 'affordable' housing. What do you think of gov't financing nuisance properties? Rockland Place continues doing business as SPRING GATE APARTMENTS along Martha Drive + Hannah Way in Rockland, Mass. (shady business).
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