Beall’s Grant Apartments

Beall’s Grant Apartments is a 74-unit existing community located in Rockville, MD. The project consists of two, three-story buildings situated on a 2.22 acre site. Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM successfully obtained a HUD insured mortgage of $7,183,800 at a fixed interest rate and a 40-year term. Equity of approximately $4,085,535 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include $511,336 in Maryland Department of Housing & Community Development (DHCD) funds