The Bonifant at Silver Spring

The Bonifant at Silver Spring is a 149 unit senior community in Silver Spring, Maryland. The community is restricted to head of household aged 62 and older. Amenities include second level conference room, multi-purpose community area, fitness center and an outdoor terrace with green space. Using HUD’s Section 221d4 New Construction program, AGM obtained a HUD-insured mortgage of $15,085,000 at a fixed interest rate with a 40-year term. Maryland DHCD issued tax exempt bonds in the amount of $22,000,000. Equity of approximately $12,507,000 was provided through the sale of 4% low income housing tax credits. Just under $17,000,000 of secondary financing was provided by the County and the State.