Southern Pine Apartments

Southern Pine Apartments is an existing 240-unit market rate multi-family apartment community located in Virginia Beach, Virginia.  The property was originally built in 2016 and consists of nine, three-story walk-up apartment buildings, a two-story clubhouse, and a lakeside pavilion.  The community’s amenity package includes gated access, playground, a swimming pool complex with gas grills and fire pit, poolside cabana, fitness center, business center, tanning beds, two-lane bowling alley, dog-washing station, and dog park.  AGM obtained a HUD insured mortgage of $35,751,000 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.