St. Paul’s Apartments

St. Paul’s Apartments is a 126-unit new construction affordable multifamily community located in Norfolk, Virginia.  St. Paul’s Apartments will consist of seven, three-story walkup buildings and a separate clubhouse with a swimming pool.  Utilizing HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $8,700,000 at a fixed interest rate with a 40-year term.  Equity of approximately $12,598,742 was provided through the sale of 9% low income housing tax credits (LIHTC).