Victoria Park at North East

Victoria Park at North East is a 50-unit senior LIHTC apartment building located in North East, Maryland. The property was originally financed in 2005 pursuant to HUD’s Section 221(d)(4) new construction program. Using HUD’s Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $2,255,000 and extended the term to 40 years. The new mortgage refinanced the old debt and lowered the interest rate resulting in substantial annual savings.