Churchill Senior Living II

Churchill Senior Living II is a 133 unit elevator served senior community in Germantown, Maryland.  Using HUD’s Section 231 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $18,634,300 at a fixed interest rate with a 40 year term.  The Housing Opportunities Commission (HOC) of Montgomery County issued tax exempt bonds in the amount of $16,500,000. Equity of approximately $7,350,000 was provided through the sale of 4% low income housing tax credits. The Montgomery County Department of Housing Community Affairs provided $3,100,000 in secondary financing.