The Villages at Marley Station is a 757-unit family property located in Glen Burnie, Maryland. Marley Station was originally financed by AGM in 1995 pursuant to Section 221d4 as an acquisition, substantial rehabilitation using a combination of tax-exempt bonds with tax credits and taxable bonds with other credits. Using HUD’s Section 223a7 program for refinancing currently insured properties, AGM obtained a HUD-insured mortgage of $23,700,000 with a 40-year term to refinance the old debt and lower the interest rate. The new loan repaid the outstanding debt and funded about $1,500,000 for repairs and reserves. The property includes 36 studios, 428 one-bedrooms, 281 two-bedrooms, and 12 three-bedrooms.
