Belmont Crossing

Belmont Crossing is a 275 unit apartment complex comprised of 25 three-story building located in Washington D.C.  The property was originally financed pursuant to HUD’s Section 221(d)(4) substantial rehabilitation program.  Using HUD’s Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $11,910,300.  The new mortgage refinanced the old debt and lowered the interest rate resulting in substantial annual debt service savings.