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).
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When the ball stops rolling…
The way to catch a knuckleball is to wait until it stops rolling and then pick it up. – Bob Uecker In baseball, the knuckleball
