Allendale Apartments

Allendale Apartments is an existing 164-unit affordable multi-family apartment community located in Baltimore, Maryland.  Originally built in 1985 and renovated in 2017, the property consists of a single 12-story elevator serviced building on 2.7 acres of land.  All of the community’s units are covered by a long-term Section 8 contract.  The amenity package includes an on-site management office, a large community room with attached kitchenette, a computer room, and a central laundry room.  AGM obtained a HUD insured mortgage of $9,247,400 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.