Terrace Lane Apartments

Terrace-Lane-Apartments

Terrace Lane Apartments is an existing 138-unit affordable multi-family apartment community located in Lexington, North Carolina.  Originally built in 1984 and substantially rehabilitated in 2016 with HUD insured financing and Low Income Housing Tax Credits (LIHTC), the property consists of 48 residential buildings with all of the community’s units covered under a long-term Section 8 contract.  AGM obtained a HUD insured mortgage of $4,960,600 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the mortgage term.