Brookhill Apartments 
Sunday, April 14, 2019 at 5:17PM
Philip Perkins in 2019 Closings, Multi-family, Virginia

Brookhill Apartments is a 316-unit new construction market rate multifamily community located in Charlottesville, Virginia.  Located on 19.05 acres of land, the project will consist of two, four-story elevator-serviced buildings, seven three-story walkup buildings, and a separate clubhouse.  The community will be the first phase of a larger multi-use development consisting of 277 acres with 800 to 1,550 residential units, a 130,000 square foot Town Center, parks, and an elementary school.  Brookhill Apartments will encompass high quality finishes and a generous amenity package including a resident lounge, cybercafé, billiards area, state of the art fitness facility, yoga studio, swimming pool, outdoor grilling station, and fire pit.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $58,881,000 at a fixed interest rate with a 40-year term.

 

Article originally appeared on AGM Financial Services: Financing Communities with FHA (http://www.agmfinancial.com/).
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