Reserve at Stoney Creek II

Reserve at Stoney Creek II is an existing 76-unit market rate multi-family apartment community located in Pasadena, Maryland.  Originally built in 2016, the property consists of three, four story elevator-serviced buildings with structured parking.  The community’s amenity package includes a pool, a fitness center, and central clubhouse which are shared between Phases I and II.   AGM obtained a HUD insured mortgage of $13,832,400 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.