Victory Terrace

Victory Terrace is an existing 72-unit senior mixed-income multi-family apartment community located in Potomac, Maryland.  Originally built in 2003 with HUD insured financing and Low Income Housing Tax Credits (LIHTC), the property consists of one, four-story elevator-serviced apartment building.  The community’s units are age-restricted and have mixed affordability with the majority of units income restricted based on LIHTC requirements with the remaining units unrestricted market rate.  The amenity package includes a resident lounge, recreation area, computer room, meditation room, salon, library, fitness room, and laundry facilities.  AGM obtained a HUD insured mortgage of $5,666,200 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the mortgage term.