Adams Crossing is an affordable, 192-unit family apartment community to be built in Waldorf, Maryland. The community offers eight three-story buildings, along with a free standing clubhouse supporting the project amenities, including an outdoor pool. Using HUD’s Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $24,465,000 at a fixed interest rate with a 40-year term. Adams Crossing utilizes tax exempt bonds with Low Income Housing Tax Credits. The bonds has been used, in part, to fund a sale/acquisition and new construction cost of the project. Each draw of tax-exempt bond proceeds from the bond trustee during the construction period will be collateralized by cash from the sale of taxable GNMA securities.
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When the ball stops rolling…
The way to catch a knuckleball is to wait until it stops rolling and then pick it up. – Bob Uecker In baseball, the knuckleball
