The Reserve at Stoney Creek I is an existing 90-unit market rate multi-family apartment community located in Pasadena, Maryland. Originally built in 2011 with HUD-insured financing obtained by AGM, the property consists of three separate four-story elevator-serviced apartment buildings with parking garages built into the first floor. The community’s amenity package includes a pool, a fitness center, and central clubhouse which are shared between Phases I and II. AGM obtained a HUD insured mortgage of $14,245,100 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.
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