Westminster House Apartments is an existing 282-unit affordable rental property for elderly and non-elderly disabled tenants in Baltimore City, Maryland. Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $19,500,000 at a fixed interest rate and a 40-year term. The financing of the project involved the prepayment of an existing HUD Section 202 loan. The units consist of a combination of project-based Section 8, and affordable units which are eligible to receive tenant protection vouchers. Equity of approximately $13,420,000 was provided through the sale of 4% low-income housing tax credits (LIHTC). An additional $12,747,753 in equity was provided from a seller take-back note.

2911 Rhode Island Avenue in Washington DC
AGM Financial Services, Inc. is proud to announce the successful closing of a $14,450,500 Section 221(d)(4) mortgage for this 100 unit new construction project. The