Summit Woods is a 198-unit family apartment community to be substantially rehabilitated in Gaithersburg, Montgomery County, Maryland. The property had been vacant for two years and scheduled for demolition when the owners decided to rehabilitate the units, add a pool and clubhouse, and improve the grounds. The community offers three-story walk-up buildings. Using HUD’s Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $32,941,600 with a 40-year term. The project includes 38 one-bedrooms, 146 two-bedrooms, and 14 three-bedrooms. The property is surrounded on two sides by park land.
