Monday
Jan082018

Mountain View Apartments

Mountain View Apartments is a 109-unit existing multifamily rental property located in Gastonia, North Carolina.  Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract.  The project consists of 44 one and two-story apartment buildings and three community buildings on 17.94 acres of land.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $4,500,000 at a fixed interest rate and a 40-year term.  Equity of approximately $4,828,242 was provided through the sale of 4% low-income housing tax credits (LIHTC).  Additional sources include a $500,000 Federal Home Loan Bank of Atlanta (AHP) loan.  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

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