Churchill Senior Living, Phase I is a 121-unit affordable elderly apartment building built in 2002 located in Germantown, Maryland. Churchill I was originally financed pursuant to HUD’s Section 221d4 new construction program. Using HUD’s Section 223a7 program for refinancing currently insured properties, AGM obtained a HUD-insured mortgage of $5,932,500 with a 32-year term. The new mortgage refinanced the old debt and lowered the interest rate. The property is a four story elevator served building comprised of 103 one-bedroom/one-bath units and 18 two-bedroom/two bath units.
