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Jul202019

Coastal 61 at Oxford Village

Coastal 61 at Oxford Village is a 244-unit new construction market rate multifamily development. The site is located within an Opportunity Zone in Virginia Beach, Virginia and is directly adjacent to Virginia Wesleyan University.  The project will consist of three-story walkup and four-story elevator-serviced buildings with surface parking.  The community will have high-end unit finishes and include a two-story clubhouse with resort-style pool, playground, fitness center, clubroom, business center, game room, rooftop deck, and grilling stations.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $37,825,400 at a fixed interest rate with a 40-year term.

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