River House

River House Apartments is an existing 194-unit market rate multi-family apartment community located in Norfolk, VA.  The property was originally built in 2009 and consists of five separate four-story elevator-serviced buildings, swimming pool, and fitness center on 7.51 acres of land.  AGM obtained a HUD insured mortgage of $33,126,500 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years.

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