Arden Place

Arden Place is an existing 212-unit market-rate multi-family apartment community located in Charlottesville, Virginia.  Originally built in 2011 with HUD-insured financing, the property consists of six separate three- and four-story garden walkup apartment buildings, a carriage home, and a clubhouse building.  This upscale apartment community has a two-level clubhouse building, which includes a great room with fireplace, property leasing office, fitness center, internet café with Wi-Fi and free Starbucks coffee pods, kids’ recreation area, full swing golf simulator, playground, fenced dog park and bathroom/locker facilities. A custom designed swimming pool is immediately behind the clubhouse which includes a sundeck.  AGM obtained a HUD insured mortgage of $39,200,000 under the 223(f) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage to 35 years.