Victoria Park at Sassafras Meadow

Victoria Park at Sassafras Meadow is a new three story 80-unit develpment for the elderly to be built in Salisbury, Maryland. Using HUD’s Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $1,850,000 with a 40-year term. The loan will be funded pursuant to HUD’s program for insurance upon completion. Total project costs are approximately $162,500 per unit. Additional funds were provided through the sale of tax credits. The project includes 33 one-bedrooms units and 47 two-bedrooms units with 80 parking spaces and two elevators.