The Pointe at Pickett Farms

The Pointe at Pickett Farm I is an existing affordable multi-family apartment community located in Norfolk, Virginia.  Originally built within two phases in 2015 and 2016 with HUD insured financing and Low Income Housing Tax Credits (LIHTC), the community consists of 300 total units within garden walkup apartment buildings and a freestanding clubhouse.  The community’s units have a range of income restrictions for households earning 60% of area median income (AMI) and below.  The amenity package includes a resident lounge, swimming pool, playground area, and fitness center.  AGM obtained a HUD insured mortgage for both phases under the 223(a)(7) refinance program.  Phase I had a mortgage amount of $8,712,700 and Phase II had a mortgage amount of $14,363,800.  The refinance of the existing mortgages reduced the fixed interest rate while extending the term of the mortgages back to the original term of 40 years.