Westminster House

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.