The Fred Apartment Homes

The Fred Apartment Homes is an existing 240-unit affordable multi-family apartment community located in Frederick, Maryland.  Originally built in 2018 with HUD-insured financing, the property consists of seven separate four-story garden walkup apartment buildings and a clubhouse building.  All of the community’s units are restricted to households whose incomes are at or below 60% of area median income.  The amenity package includes an on-site management office, a clubhouse, lounge, swimming pool, and fitness center.  AGM obtained a HUD insured mortgage of $35,500,000 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.