Monday
Dec242018

Riverbend Apartments

Riverbend Apartments is a 130-unit new construction affordable multifamily community located in Gloucester, Virginia. Of the 130 units, 13 will be restricted at 40% of AMI covered by a project-based voucher contract, 52 will be restricted at 50% of AMI, and 65 will be restricted at 60% of AMI.  The property is located on 16.25 acres of land and will consist of six, three-story, garden apartment buildings, a 4,825 SF clubhouse and a separate maintenance building.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $9,000,000 at a fixed interest rate with a 40-year term.  Equity of approximately $16,275,472 was provided through the sale of 9% low income housing tax credits (LIHTC).

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