The Cascades of Frederick

The Cascades of Frederick is a new-construction 151-unit affordable senior apartment community located in Frederick, Maryland.  Located on 7.45 acres of land, the property will consist of one four-story elevator served apartment building. All of the community’s units are restricted to households whose incomes are at or below 60% of area median income.  The amenity package includes a multipurpose community room, a dog wash, library/business center, billiards lounge with TV, a fitness room, and open patio/courtyard.  The project was financed with 4% tax credits and a HUD-insured mortgage obtained by AGM of $24,250,000 and a term of 40 years under the 231 program.