Riverwatch I

Riverwatch I is an existing 84-unit mixed income multi-family apartment community located in Elkridge, Maryland.  Originally built in 2017 with Low Income Housing Tax Credits (LIHTC), the property consists of ten, three-story townhouse buildings and a freestanding clubhouse.  Three of the residential buildings include elevators.  The community’s units have income restrictions ranging from households earning up to 50% of area median income (AMI) to market rate.  The amenity package includes individual entrances to all units, a garage for all townhouse units, a leasing office, a playground, a gazebo, a patio and walking trails along the Patapsco River.   AGM obtained a HUD insured mortgage of $14,126,200 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.