The Bennington is a 223 unit apartment building located in Silver Spring, Maryland. The property was originally financed pursuant to HUD’s Section 221(d)(4) new construction program. Using HUD’s Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $31,393,000. The new mortgage refinanced the old debt and lowered the interest rate resulting in substantial annual debt service savings.
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There are Encouraging Signs, But No Clear Direction…Yet
Long-term rates have been rising since their recent lows in September. The bond market is reacting to uncertainty – uncertainty about inflation, jobs, tariffs, tax
