Patuxent Crossing Apartments is an existing 102-unit family mixed-income rental property in Lexington Park, Maryland. The project is located on 4.6 acres of land and consists of six, three-story garden apartment buildings and one separate clubhouse/leasing office. The units at the property consist of market rate units as well as units restricted to tenants earning at or below 30%, 50%, and 60% of area median income (AMI). Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $6,825,000 at a fixed interest rate and a 40-year term. Equity of approximately $13,787,432 was provided through the sale of 9% low-income housing tax credits (LIHTC). Additional sources include a $2,000,000 Rental Housing Program (RHP) loan from Maryland CDA.
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