Overlook at Avalon

Overlook at Avalon is a 114-unit affordable multi-family apartment community located in Frederick, Maryland.  Built in 2017 with a HUD-insured mortgage, these rental townhomes include a one-car garage.  All of the community’s units have income restrictions for households earning a maximum of 50%-60% of area median income (AMI).  AGM achieved significant savings in annual debt service by obtaining a new HUD insured mortgage of $19,002,700 under the 223(a)(7) refinance program, reducing the fixed interest rate and mortgage insurance premium while extending the term of the mortgage to 40 years.