Mission Place

Mission Place is an existing 262-unit market rate multi-family apartment community located in Jessup, Maryland.  The property was originally built in 2011 and consists of one elevator-serviced five-story apartment building with 22,000 square feet of commercial space.  The community’s amenity package includes a pool, fitness center, community room, and business center.  AGM obtained a HUD insured mortgage of $41,954,000 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years.