Monticello Station

Monticello Station is an existing 121-unit market-rate multi-family apartment community located in Norfolk, Virginia.  Originally built in 2011 with HUD-insured financing, the property consists of three large four-story elevator-served apartment buildings. The property includes first floor retail anchored by a 7-Eleven, Sushi King, and Buffalo Wild Wings.  Amenities at the subject include a pool, a fitness center, a conference room, a garden-style courtyard, and access to structured parking located next door. AGM obtained a HUD insured mortgage of $30,667,500 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.