Cherrydale is a 186-unit existing family rental property located in Baltimore City, Maryland. Using HUD’s Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $3,755,000 with a 40-year term. The mortgage was funded through the sale of tax-exempt bonds issued by the State of Maryland. Total project costs are approximately $114,000 per unit, of which $40,000 per unit will be for rehabilitation. The developer emphasized green building components and the addition of units for the mobility impaired. Additional funds were provided through the sale of tax credits, $2,090,000 from the City of Baltimore and $500,000 from the Maryland Department of Housing and Com unity Development. The property includes 42 one-bedroom, 111 two-bedroom, and 29 three-bedroom apartments.
