Belmont Crossing is a 275 unit apartment complex comprised of 25 three-story building located in Washington D.C. The property was originally financed pursuant to HUD’s Section 221(d)(4) substantial rehabilitation program. Using HUD’s Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $11,910,300. The new mortgage refinanced the old debt and lowered the interest rate resulting in substantial annual debt service savings.
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February Pulse Check: Despite the Headlines, with FHA You Can Fix Your Rate & Forget It
The change in Administration brought with it a flood of news about agency closings, furloughs, buyouts, and the like. It’s been tough to keep up.
