Foxchase Village

Foxchase Village Apartments

Address: 45970 Foxchase Dr Great Mills, MD 20634

Size: 134 Units 

Property Type: Affordable Housing (LIHTC)

Rents: 71 units 60% AMI, 53 units at 89% of 60% AMI (PILOT), and 10 Market rate units

SOLD: September 27, 2022 at full asking price

About This Property

Foxchase Village Apartments is a Garden Style community built in 1989 and rehabbed in 2005 using LIHTCs. Property consists of 134 2 bedroom / 2 bath units and are 935 square feet each. Property is contained in 8 two and three-story buildings spread over 10.98 acres (plus an additional open space of over 12 acres) and 270 parking spaces. Amenities include fitness center, clubhouse, playground, swimming pool.  The property is encumbered by a HUD 221(d)(4) loan in the amount of $9,942,200 that was funded on 08/31/2015. The loan is amortized on a 38-year schedule and carries a note rate of 3.99%; maturity is 03/01/2053.  There is an MIP of 0.4%.