Ellerslie Apartments is a 117-unit existing rental property for elderly and non-elderly disabled tenants located in Baltimore City, MD. Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract. Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $10,800,000 at a fixed interest rate and a 40-year term. Equity of approximately $8,614,421 was provided through the sale of 4% low-income housing tax credits (LIHTC). Site control was achieved through an upfront payment on a ground lease evidenced by a note.
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When the ball stops rolling…
The way to catch a knuckleball is to wait until it stops rolling and then pick it up. – Bob Uecker In baseball, the knuckleball
