Cascades at Woods Corner
 Cascades
is a 226-unit family apartment community to be newly constructed in
Virginia Beach, Virginia. The project includes 82 one-bedrooms, 116
two-bedrooms, and 28 three-bedrooms. Amenities include 28 detached
garages, 83 vaulted ceilings, 54 water views, and elevator access to 46
units, plus a pool, clubhouse, and 25,000 square feet of ground floor
retail space. The property is three-stories with a mix of walk-up and
elevator buildings. Using HUD's Section 221d4 program for new
construction, AGM obtained a HUD-insured mortgage of $33,455,600 at
6.25% interest with a 40-year term.
Summit Woods
 Summit
Woods is a 198-unit family apartment community to be substantially
rehabilitated in Gaithersburg, Montgomery County, Maryland. The
property had been vacant for two years and scheduled for demolition
when the owners decided to rehabilitate the units, add a pool and
clubhouse, and improve the grounds. The community offers three-story
walk-up buildings. Using HUD's Section 221d4 program for substantial
rehabilitation, AGM obtained a HUD-insured mortgage of $32,941,600 at
6.29% interest with a 40-year term. The project includes 38
one-bedrooms, 146 two-bedrooms, and 14 three-bedrooms. The property is
surrounded on two sides by park land.
Collingswood Nursing Home
 CollingswoodCollingswood Nursing Home is a 160-bed nursing home in Rockville, Maryland. The substantial rehabilitation of this property was accomplished in 1999 using a HUD-insured first mortgage obtained by AGM. Because HUD offers second debt for additions and improvements to currently insured properties, AGM recently arranged a $482,700 second debt insured pursuant to Section 241. These funds will be used to install a kidney dialysis unit to serve residents and the wider community. The interest rate is 6.95%.
Chatham Village
Chatham Village is a 94-unit family property located in Easton, Maryland. In 1992 AGM assisted in the original construction financing for this property from the State of Maryland. This year, AGM brokered the Fannie Mae refinance of Chatham Village to Wells Fargo, NA to produce a loan of $4,745,000. The new loan represents 63% Loan to Value with an interest rate of 6.16%. The refinancing repaid the original debt to the State and provided $487,000 for repairs and upgrades. The property includes 1 studio, 81 one-bedrooms, 9 two-bedrooms, and 3 three-bedrooms.
Tanglewood
 Chatham VillageTanglewood is a 180-unit family apartment community to be built in Elizabeth City, North Carolina. The community offers three-story walk-up buildings with a pool and clubhouse. Using HUD's Section 221d4 New Construction program, AGM obtained a HUD-insured mortgage of $18,258,400 at 6.44% interest with a 40-year term. The loan will be funded pursuant to HUD's program for insured advances. The project includes 36 one-bedrooms, 114 two-bedrooms, and 30 three-bedrooms with 27 detached garages and 60 vaulted ceilings.
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