Francis Scott Key Apartments

Francis Scott Key Apartments is a 46-unit apartment building located in Frederick, Maryland. The property is an adaptive reuse of a historic hotel which used HUD’s Section 221(d)(4) substantial rehabilitation program in 2001. Using HUD’s Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $5,121,200. The new mortgage, with a lower interest rate, paid off the existing first mortgage resulting in substantial annual savings.