Riverwoods at Tollgate

Riverwoods at Tollgate is an existing 84-unit mixed income multi-family apartment community located in Abingdon, Maryland.  Originally built in 2017 with 9% Low Income Housing Tax Credits (LIHTC), the property consists of four, three-story garden walkup apartment buildings and a freestanding clubhouse.  The community’s units have income restrictions ranging from households earning up to 30% of area median income (AMI) to market rate.  The amenity package includes a business center, dog park, fitness center, laundry facilities, on-site leasing office, playground, outdoor area with firepit, and walking paths to local establishments.   AGM obtained a HUD insured mortgage of $7,983,500 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 the original term of 40 years.