The Bonifant

The Bonifant is an existing 149-unit affordable senior apartment community located in Silver Spring, Maryland.  The project was originally financed with 4% LIHTC/tax exempt bonds and a HUD insured Section 221(d)(4) loan provided by AGM in 2015.  The property consists of one, eleven story high-rise apartment building. Of the community’s 149 units, 139 are restricted to households whose incomes are at or below 60% of area median income.  The remaining 10 units are market rate. All units are age restricted to 62+ head of household. The amenity spaces include a secure access-controlled entry, lobby with concierge and reception desk, on site leasing and management offices, business center with high-speed internet access, tenant services coordinator office and two access-controlled tower elevators. The second level features a conference room, multi-purpose community area, a fitness center, and an outdoor terrace with green space. AGM obtained a HUD insured mortgage of $14,418,100 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years.