Oakton Terrace is a 56-unit market rate family property in Adelphi, Maryland. Using HUD’s Section 221d4 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $4,985,000 with a 40-year term with a three-year lock-out period. Total project costs are approximately $118,000 per unit which include $44,000 per unit in construction costs. The project involves new HVAC, kitchens, baths, upgraded electrical service, energy-saving light fixtures, card-access entry systems, and co-axial cable. The project includes 28 one-bedroom, 25 two-bedroom, 3 three-bedroom units.
