Lincoln Westmoreland Apartments

Lincoln Westmoreland Apartments is a 110-unit affordable multi-family apartment community located in Washington, DC.  Originally built in 1972, the property was refinanced in 2014 using HUD-insured financing along with a LIHTC transaction that provided funding for a substantial rehabilitation of the property.  Eighty two of the units are covered by a project-based Section 8 contract, and all of the units have income restrictions for households earning up to 60% of area median income (AMI).  Amenities include elevator service, a community room, laundry room, on-site day care and 25 on-site parking spaces.  AGM obtained a new $17,481,900 HUD insured mortgage under the 223(a)(7) refinance program to reduce the fixed interest rate and mortgage insurance premium while extending the term to 40 years.  The result was a significant savings in annual debt service for our borrower.