Reserve at Stoney Creek II is a 76 unit class A market rate community in Pasadena, Maryland. Using HUD’s Section 221d4 New Construction Program for insurance advances, AGM obtained a HUD insured mortgage of $14,174,200 with a fixed interest rate and a 40 year term. This property is the second phase of the Reserve at Stoney Creek which is also a HUD insured market rate community financed by AGM. Phase II will consist of three, four-story elevator served buildings. The community will contain 52 first level individual parking garages with automatic overhead doors built into the structures. A free standing 3,575 SF clubhouse which serves both phases, includes amenities such as a fitness center, community room with a fireplace and kitchenette, business center, locker rooms, and management/leasing offices. Adjacent to the clubhouse is an outdoor pool.
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FHA Proposals on New MIP Premiums and Eliminating Green MIP
Late yesterday, HUD announced important proposed changes in mortgage insurance premiums (MIP) for FHA-insured multifamily loans. In a notice to be published in the Federal
