Greens at Logan Field is a 102-unit senior apartment building to be built in Dundalk, Maryland. Using HUD’s Section 231 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $6,620,000 at a fixed interest rate with a 40-year term. The loan will be funded pursuant to HUD’s program for insured advances using short-term tax-exempt bonds with taxable GNMAs, the sale of 4% Low Income Housing Tax Credits, a PILOT, a Rental Housing Works loan, a Partnership Rental Housing loan, a HOME loan, a FHLB loan, and an Empower Maryland loan.. The project includes 84 one-bedroom units and 18 two-bedroom units.
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