Rhode Island Row

Rhode Island Row is an existing 274-unit Class A multi-family apartment community located in Washington, DC.  The property was originally built in 2012 utilizing a HUD-insured 220 mortgage.  The community consists of two four-story elevator-serviced buildings, each with three stories of residential above first floor retail.  While the majority of the apartments are market rate, 20% (55 units) are designated as Affordable Dwelling Units (ADU’s) serving households earning 50% or less of area median income.  The community’s amenity package includes a club room with wi-fi, pool table, entertaining kitchen, 24-hour fitness center, resort style pool with pool-house and grilling area, a business center, structured garage parking, and approximately 66,000 square feet of retail space.  AGM obtained a HUD insured mortgage of $79,401,500 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 40 years.