Monarch Mills

Monarch Mills is an existing 269-unit market rate multi-family apartment community located in Columbia, Maryland.  The property was originally built in 2012 and consists of nine garden-style buildings, one elevator-serviced building, and one separate clubhouse.  The community’s amenity package includes a pool, splash pad, a playground, an outdoor fireplace, a volleyball court, a putting green, a fitness center, and a business center.  AGM obtained a HUD insured mortgage of $24,207,900 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.