Redwood Gardens Senior Apartments

Redwood Gardens is a 169-unit elderly apartment complex consisting of several three-story apartment buildings which were built in 1986 and a single one and two-story building built in 1924.  The property was originally financed under HUD’s Section 202 program, and is located adjacent to the campus of the University of California at Berkeley.  AGM obtained a $13,798,900 HUD-insured mortgage under the 223(f) program. The loan generated $3,300,000 of loan proceeds to be used on repairs for Redwood Gardens, as well as $2,187,067 of cash out proceeds to be used on repairs for a sister property in need of renovation in Michigan