Somerset Manor is a 99-unit affordable apartment building built in 1972 located in Silver Spring, Maryland. Somerset Manor was originally financed pursuant to HUD’s Section 221(d)(4) new construction program and tax-exempt bonds with tax credits. Using HUD’s Section 223(a)(7) program for existing HUD-insured properties, AGM obtained a HUD-insured mortgage of $8,144,200 with a 40-year term. The new mortgage refinanced the old debt, lowered the interest rate, and funded a $50,000 repair escrow. The affordability restrictions remain in place.
