Fields of Silver Spring

Fields of Silver Spring is a 284 unit affordable housing apartment community located in Silver Spring, Maryland.  The property was originally financed pursuant to HUD’s Section 221(d)(4) substantial rehabilitation program, which provided credit enhancement to Tax Exempt Bonds issued by the State of Maryland’s Community Development Administration.  Using HUD’s Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $15,945,000.  The new mortgage refinanced all prior debt, including a Montgomery County second loan, and lowered the interest rate resulting in substantial annual debt service savings.