Victoria Park at Walkersville is an 80-unit elderly property to be built in Frederick County, Maryland. Using HUD’s Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $5,350,000 with a 40-year term. The loan will be funded pursuant to HUD’s program for insurance upon completion. BB&T will provide the construction loan. Total project costs are approximately $162,800 per unit. Additional funds were provided through the sale of tax credits and $1,500,000 in elderly housing funds from the State of Maryland. The project includes 12 one-bedroom and 62 two-bedroom units.
