MonteVerde Apartments is a 301-unit existing predominately elderly rental property located in Baltimore City, Maryland. AGM brokered the Freddie Mac floating-to-fixed bond transaction to Wells Fargo, NA to produce a loan of $15,200,000. The mortgage was funded through the sale of tax-exempt bonds issued by the State of Maryland. Total project costs are $96,383 per unit, of which $47,876 per unit will be for rehabilitation. The developer emphasized energy efficiency and security. A new building entrance will be constructed to create a single point of entry and to add a larger community space for the residents. Additional funds were provided through the sale of tax credits, a real estate tax abatement from the City of Baltimore, and a $2,500,000 seller take back note. The property includes 260 one-bedroom and 41 two-bedroom apartments.
