Cascades is a 226-unit family apartment community to be newly constructed 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. Using HUD’s Section 221d4 program for new construction, AGM obtained a HUD-insured mortgage of $33,455,600 with a 40-year term.
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