Adams Crossing I Apartments

Adams Crossing I Apartments is an existing 192-unit affordable multi-family apartment community located in Waldorf, Maryland.  Originally built in 2015 with HUD-insured financing, the property consists of eight separate three-story garden walkup apartment buildings and a clubhouse building.  The community’s units are restricted to households whose incomes are at or below 60% of area median income.  The amenity package includes an on-site management office, a resident lounge, swimming pool, fitness room, an internet café and a kid’s playroom.  AGM obtained a HUD insured mortgage of $22,682,000 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years.