Cascades at Wood Corner

Cascades at Wood Corner is a 226-unit mixed use community located in Virginia Beach, Virginia.  The project includes 82 one-bedrooms, 116 two-bedrooms, and 28 three-bedrooms. Amenities include 28 detached garages, 83 vaulted ceilings, 54 water views, and elevator access to 46 units, plus a pool, clubhouse, and 25,000 square feet of ground floor retail space. The property is three-stories with a mix of walk-up and elevator buildings.  The project was originally built in 2010 using the HUD section 221(d)(4) program.  Using the HUD 223(a)(7) program for currently insured properties AGM was able to reduce the interest rate with a new mortgage of $32,614,000, and increase the property cash flow.