Gramax Towers

The Gramax, also known as Gramax Towers, is a 180-unit apartment 15-story high rise building located in Silver Spring, Maryland. Amenities include a large exercise facility and 81 on-site underground parking spaces. The former office building (built in 1964) was redesigned and adapted for apartment use in 2003 with financing pursuant to Section 221d4 Sub Rehab.  AGM obtained a new $24,062,100 HUD-insured mortgage under the 223(f) program providing long-term, fixed rate debt at a significantly lower interest rate and cash out.