The Wells Fargo Center is a mixed use project with 121-upscale market rate units and 35,000 square feet of first floor retail space to be built in downtown Norfolk, Virginia. The residential community offers 43 one-bedroom units, 63 two-bedroom units, 13 three-bedroom units, 2 four-bedroom units, a fitness center, on-site storage and a private courtyard. Using HUD’s Section 220 New Construction program, AGM obtained a HUD-insured mortgage of $34,365,900 with a 40-year term. The loan will fund construction advances and convert to a fully amortizing permanent loan.
