Hunting Creek is a 70-unit family property to be built in Lexington Park, Maryland. Using HUD’s Section 221(d) New Construction program, AGM obtained a HUD-insured mortgage of $4,237,000 with a 40-year term. The loan will be funded pursuant to HUD’s program for insurance upon completion. BB&T will provide the construction loan. Total project costs are approximately $185,000 per unit. Additional funds were provided through the sale of tax credits. The project includes 6 one-bedroom, 36 two-bedroom, and 28 three-bedroom apartments.
