Beacon on 5th

Beacon on 5th is an existing 242-unit market rate multifamily community located in Charlottesville, Virginia.  Located on 11.67 acres of land, the project consists of six separate three-story walk-up garden apartment buildings, 32 townhouse units, two carriage homes, a community clubhouse building, and surface parking.  Onsite amenities include an expansive fitness area, yoga studio, cardio area, massage room, cybercafé, resident lounge, and resort style pool with grilling area and fire pit.  Throughout the community are several pocket parks with water features and lounge areas.  Utilizing HUD’s Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $49,920,000 with a 35-year term at a fixed interest rate.