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Oct202018

Orchard Park at Ballenger Run 

Orchard Park at Ballenger Run is a 210-unit new construction mixed-income multifamily community located in Frederick, Maryland.  The project will contain affordable units restricted to residents earning 50% and 60% of area median income (AMI) as well as 11 Section 811 units.  The project is located on 14.64 acres of land and will consist of four, four-story elevator-serviced apartment buildings, a community building, outdoor swimming pool, and surface parking.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $30,607,000 at a fixed interest rate with a 40-year term.  Equity of approximately $10,170,000 was provided through the sale of 4% low income housing tax credits (LIHTC).  Additional sources include a $1,275,000 loan from the State of Maryland’s Rental Housing Funds and a $1,000,000 loan from Frederick County.

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