Cypresswood Estates is an existing 88-unit mixed-income multifamily community located in Houston, Texas. Located on 9.97 acres of land, the community caters to elderly residents age 55 and older. The project consists of 11 residential buildings including two, three-story elevator-serviced buildings, and nine villa-style structures. In addition, there are individual rental garages and a leasing office containing a community room, pool access, and fitness center. Of the 88 units, eight are restricted to households earning at or below 30% of area median income (AMI), 16 units are restricted to 50% AMI, 44 units are restricted at 60% of AMI, and the remaining 20 units are workforce and market rate. Utilizing HUD’s Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $4,630,000 with a 35-year term at a fixed interest rate.
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