Meet the AGM Team

Ellsworth
Ellsworth is a 4 story 222-unit Class A apartment community to be built in downtown Silver Spring, Maryland. Using HUD's Section 221d4 program for new construction, AGM obtained an insured mortgage of $50,973,600 with a 40-year term. The project includes 24 efficiencies, 128 one-bedrooms, and 70 two-bedrooms.

Jacksonville Towers
Jacksonville Towers is a 100-unit existing 9-story apartment complex built in 1979 and located in Jacksonville, Arkansas. A new $3,924,000 HUD-insured mortgage was made using Section 223(f) in accordance with HUD’s Section 202 refinancing requirements. The new loan has a 35-year term.

1111 Light Street
1111 Light Street is a 6-story, 93-unit upscale apartment community with office and retail space located in Baltimore, Maryland. The mixed-use project was financed using HUD's Section 220 for new construction in urban areas. AGM obtained a HUD-insured mortgage of $30,908,700 with a 40-year term.

Keys Lake Villas
Keys Lake Villas is a collection of new 2-story apartment buildings totaling 110-units to be built in Key Largo, Florida. The property will provide workforce housing with rents affordable to families earning 80% to 120% of median income in the area. Using HUD's Section 221(d)(4) New Construction program for insured advances, AGM obtained a mortgage of $21,678,800 with a 40-year term. The project includes 78 two-bedroom and 32 three-bedroom units.

Woodbridge Commons
Woodbridge Commons is a 132 unit affordable elderly property built in 2005 located in Edgewood, Maryland. Woodbridge Commons was originally financed pursuant to HUD’s Section 221(d)(4) new construction program. Using HUD's Section 223(a)(7) program for existing HUD-insured properties, AGM obtained a new mortgage of $6,582,600 with a 40-year term. The new mortgage refinanced the old debt and lowered the interest rate.

Heritage Forest
Heritage Forest is a 3-story 144-unit affordable apartment community to be built in Newport News, VA. Using HUD's Section 221(d)(4) New Construction program for insured advances, AGM obtained a mortgage of $9,933,500 with a 40-year term. Additional funding was provided through the sale of Low Income Housing Tax Credits. The project includes 18 one-bedroom, 96 two-bedroom, and 30 three-bedroom units.

Somerset Manor
Somerset Manor is a 99-unit affordable apartment building built in 1972 located in Silver Spring, Maryland. Somerset Manor was originally financed pursuant to HUD’s Section 221(d)(4) new construction program and tax-exempt bonds with tax credits. Using HUD's Section 223(a)(7) program for existing HUD-insured properties, AGM obtained a HUD-insured mortgage of $8,144,200 with a 40-year term. The new mortgage refinanced the old debt, lowered the interest rate, and funded a $50,000 repair escrow. The affordability restrictions remain in place.

Avalon Ridge
Avalon Ridge is a 222-unit existing apartment complex consisting of two and three story buildings, built in 2009, located in Atlanta, Georgia. Avalon Ridge was financed under the Section 223(f) program. A waiver of the rule prohibiting refinancing of properties completed less than three years ago was granted. The new $13,224,000 HUD-insured loan has 35-year term.

Selborne House
Selborne House is a 126-unit existing elderly apartment building built in 1998, located in Laurel, Maryland. Selborne House was originally financed pursuant to Section 231. It was refinanced pursuant to Section 223a7. AGM obtained a HUD-insured mortgage of $7,193,000 with a 40-year term.

Victory Tower
Victory Tower is a 187-unit elderly apartment building built in 1971, located in Takoma Park, Maryland.  Victory Tower was financed pursuant to the Section 223(f) mortgage insurance program which allows cash out.  The new $6,800,000 HUD-insured loan has a 35-year term.  The refinance will payoff the existing first lien, a second debt from Montgomery County, and a MEEHA Grant (Maryland environmental funds) loaned to the property by the Sponsor.  The owner will use roughly $225,000 to convert the commercial kitchen into a warming kitchen and additional common area.

Collingswood Nursing Home
Collingswood Nursing Home is a 160-bed skilled nursing facility located in Rockville, Maryland. AGM refinanced Collingswood’s two existing HUD-insured loans into a new $12,612,300 mortgage through HUD’s Section 232/223a7 LEAN program. Collingswood was also able to fund capital expenditures, increase the term to 40 years and reduce their interest rate by over 350 basis points. The new loan has a 40 term.

Arden Place
Arden Place is a 212-unit market rate family apartment community to be built in Charlottesville, Virginia. The community offers three and four story walk-up buildings with a pool and clubhouse. Using HUD's Section 221(d)(4) New Construction program for insured advances; AGM obtained a HUD-insured mortgage of $23,247,900 with a 40-year term. The project includes 76 one-bedroom, 112 two-bedroom and 10 three-bedroom units.

Villages at Odenton Station
Odenton Station is a 235-unit family apartment community to be built in Odenton, Maryland. The community offers four four-story elevator buildings with a clubhouse and fitness center. Using HUD's Section 220 New Construction program for insured advances, AGM obtained a HUD-insured mortgage of $61,463,200 with a 40-year term. The project includes 1 studio, 58 one-bedrooms, and 176 two-bedrooms and 55,500 square feet of retail space. Odenton Station is a transit-oriented development because it is within one block of the Odenton MARC station, a central station on the commuter train line between Baltimore and Washington, D.C. The project is designed to serve the many new employees being transferred to Fort Meade as part of the BRAC realignment program.

Johnson Towers
Johnson Towers is a 55-unit existing elderly apartment building built in 1991 located in District of Columbia. Johnson Towers was financed under the HUD 223(f) program as the refinancing and rehabilitation of an old Section 202 property. The new $4,210,700 HUD-insured loan has a 35-year term. The HUD-insured funds were combined with Green Retrofit funds of $907,493 to complete $17,000 per unit in repairs, upgrades, and energy conservation measures.

M.C. Pepper Towers
M.C. Pepper Towers is a 150-unit 12 story high-rise elderly apartment community located in Miami-Dade County, Florida. Using HUD's Section 221d4 Substantial Rehabilitation program for insured advances to rehabilitate this former Section 202 property, AGM obtained a HUD-insured mortgage of $4,175,000 with a 40-year term. Rehabilitation will cost $53,000 per unit. Additional funding was provided through the sale of Low Income Housing Tax Credits, a $2,300,000 grant from the State of Florida, and a seller take-back note.

Lancaster House South
Lancaster House South is a 150-unit elderly apartment building located in Lancaster, Pennsylvania. This 11-story building was originally constructed in 1979 with a HUD Section 202 direct loan. AGM structured the refinance and recapitalization of the project using a combination of two HUD-insured loans. A new $4,290,900 first mortgage was made using Section 223(f) in accordance with all of HUD’s Section 202 refinance requirements. A Section 241 Supplemental loan of $4,445,400 was processed and closed simultaneously. This second mortgage funded the majority of the renovations. Debt service savings from the prior Section 202 loan plus a Section 8 rent increase to market rent will provide the revenue needed to service this loan. Both loans were funded for 35 years.

The View at Mill Run
The View at Mill Run is a 375-unit market rate family apartment community to be built in Owings Mills, Maryland, overlooking Soldiers Delight Park. The community offers a clubroom, fitness center, pool, and structured parking with unit access from all garage levels. Using HUD's Section 221d4 New Construction program for insured advances, AGM obtained a HUD-insured mortgage of $55,331,700 with a 40-year term.

Dickey Hill Forest Apartments
Dickey Hill Forest Apartments is a 204-unit market rate apartment community built in 1985 located in Baltimore, Maryland. Dickey Hill Forest Apartments was financed under the HUD 223(f) program. The new $8,800,000 HUD-insured loan has a 35-year term. The owner will make $13,126 per unit in repairs and upgrades. In order to help preserve the property, Baltimore City and the State of Maryland agreed to re-subordinate loans made when the apartments were first built.

Galaxy
Galaxy is a 195-unit upscale family apartment community to be built in Silver Spring, Maryland. The project includes 140 one-bedroom/one-bath units and 55 two-bedroom/two bath units. Using HUD's Section 221d4 New Construction program for insured advances, AGM obtained an insured first mortgage of $38,450,000 with a 39-year term. The mortgage was funded through the sale of New Issue Bond Program Bonds to the US Treasury. Bonds were issued by the Housing Opportunity Commission of Montgomery County. Additional funding was provided by a second loan of $5,000,000 from Montgomery County, a PILOT for the affordable units, and the sale of Low Income Housing Tax Credits. Eighty-two units will be affordable to families earning between 30% and 60% of median income.

Wells Fargo Center
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.

Amal Heights Apartments
Amal Heights is a 192-unit existing family duplex rental property located in Atlanta, Georgia. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $9,350,000 with a 40-year term. The mortgage was funded through the sale of tax-exempt bonds issued by the Atlanta Development Authority. Total project costs are approximately $33,000 per unit.

Seminole Ridge Apartments
Seminole Ridge Apartments is a 240 unit affordable multi-family apartment building built in 2000 located in Orlando, Florida. Seminole Ridge was originally financed pursuant to HUD’s Section 221d4 new construction program. Using HUD's Section 223a7 program for existing HUD-insured properties, AGM obtained a HUD-insured mortgage of $10,835,000 at with a 40-year term. The new mortgage refinanced the old debt, lowered the interest rate and funded a $200,000 repair escrow.

The Reserve at Stoney Creek
The Reserve at Stoney Creek is an 88 unit market rate family apartment community to be built in Pasadena, Maryland. Using HUD's Section 221 New Construction program for insurance advances, AGM obtained an insured mortgage of $15,330,000 with a 40-year term. The community will consist of three, four-story elevator served buildings. Each building will have 78 first level individual parking garages with automatic overhead doors built into the structure.

Guilford Gardens
Guilford Gardens is a 269 unit apartment community to be built in Columbia Maryland. Using HUD's Section 221 New Construction program for insurance advances, AGM obtained an insured mortgage of $25,900,000 with a 40-year term. The project involves the relocation of Section 8 residents to new buildings and demolition of the existing buildings. The community will consist of one elevator building with 45 units restricted to elderly families with one member age 62 or older. The remaining units will be walk-up garden style for families. The community will also contain a freestanding clubhouse with community space, computer lab and exercise facility. Outside amenities will include pool, volleyball court, putting green and walking path.

Rhode Island Station
Rhode Island Station is a 274 unit elevator-served market rate family apartment community to be built in Washington D.C., at the Rhode Island Avenue - Brentwood Metro stop. Using HUD's Section 220 New Construction program for areas of urban redevelopment, AGM obtained a HUD-insured mortgage of $82,398,400 with a 40-year term. The community will consist of two, four-story buildings and will include first floor retail space and two free-standing parking garages with 468 spaces. The project includes 111 one-bedroom units, 150 two-bedroom units, and 13 three-bedroom units. Of the 274 units, 55 will be affordable to families earning less than 50% of area median income.

Gates at Owings Mills
Gates at Owings Mills is a 159-unit existing apartment complex consisting of five three-story and seven four-story building built in 1999 located in Owings Mills, Maryland. Gates at Owings Mills was financed under the HUD 223(f) program. The new $14,240,000 HUD-insured loan has a 35-year term. The new mortgage refinanced the old debt and lowered the interest rate.

Churchill Senior Living
Churchill Senior Living, Phase I is a 121-unit affordable elderly apartment building built in 2002 located in Germantown, Maryland. Churchill I was originally financed pursuant to HUD’s Section 221d4 new construction program. Using HUD's Section 223a7 program for refinancing currently insured properties, AGM obtained a HUD-insured mortgage of $5,932,500 with a 32-year term. The new mortgage refinanced the old debt and lowered the interest rate. The property is a four story elevator served building comprised of 103 one-bedroom/one-bath units and 18 two-bedroom/two bath units.

Villa Grande at Sarasota
Villa Grande at Sarasota is a 108-upscale age restricted community to be built in Sarasota, Florida. Using HUD's Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $21,559,700 with a 40-year term. The loan will be funded pursuant to HUD's program for insured advances. The project is comprised of three five-story apartment buildings with a mix of one and two bedroom units and a 96 space parking garage. The community offers a clubhouse which will include a fitness room, arts and crafts room, game room, beauty salon, massage room, wellness room, and ample community space with fireplace and a kitchen with full appliances. The exterior of the clubhouse will include a heated pool, whirlpool, expansive sundeck and outside kitchen.

Regency Crest
Regency Crest is a 150-unit senior market rate apartment community to be built in Ellicott City, Maryland. Using HUD's Section 231 New Construction program for insured advances, AGM obtained a HUD-insured mortgage of $28,176,200 at a low interest with a 40-year term. The project includes 54 one-bedrooms, 94 two-bedrooms, and 2 three-bedrooms with an indoor pool, gourmet clubhouse kitchen, and two guest suites.

Oak Crest at Battlefield
Oak Crest at Battlefield is a 164-unit market rate family apartment community to be built in Chesapeake, Virginia. Using HUD's Section 221d4 New Construction program for insured advances, AGM obtained a HUD-insured mortgage of $24,115,100 with a 40-year term. The project includes 32 one-bedrooms, and 124 two-bedrooms, and 8 three-bedrooms. This 4-story property includes 4 elevators and extensive common amenities.

Park View at Severna Park
Park View at Severna Park is a 103-unit affordable elderly apartment community to be built in Severna Park, Anne Arundel County, Maryland. Using HUD's Section 231 New Construction program for insured advances, AGM obtained a HUD-insured mortgage of $4,250,000 with a 40-year term. The project includes 3 studios, 73 one-bedrooms, and 27 two-bedrooms. This 4-story property was funded in part through the sale of Low Income Housing Tax Credits, $2,100,000 from the State of Maryland, and $1,200,000 from Anne Arundel County.

Robert Sharp Towers I
Robert Sharp Towers I is a 110-unit existing elderly apartment building built in 1979 located in Miami Gardens, Florida. Robert Sharp Towers I was financed under the HUD 223(f) program which allows cash out. The new $3,368,000 HUD-insured loan has a 35-year term. The owner will make almost $17,000 per unit in repairs and upgrades.

Mission Place
Mission Place is a 262-unit market rate family apartment community to be built in Jessup, Maryland. Using HUD's Section 221d4 New Construction program, AGM obtained a HUD-insured mortgage of $45,431,100 with a 40-year term. The loan will be funded pursuant to HUD's program for insured advances. The project includes 101 one-bedrooms, and 161 two-bedrooms with first level retail space and 108 garage parking spaces.

Cascades at Woods Corner
Cascades is a 226-unit family apartment community to be newly constructed in Virginia Beach, Virginia. The project includes 82 one-bedrooms, 116 two-bedrooms, and 28 three-bedrooms. Amenities include 28 detached garages, 83 vaulted ceilings, 54 water views, and elevator access to 46 units, plus a pool, clubhouse, and 25,000 square feet of ground floor retail space. The property is three-stories with a mix of walk-up and elevator buildings. Using HUD's Section 221d4 program for new construction, AGM obtained a HUD-insured mortgage of $33,455,600 with a 40-year term.

Summit Woods
Summit Woods is a 198-unit family apartment community to be substantially rehabilitated in Gaithersburg, Montgomery County, Maryland. The property had been vacant for two years and scheduled for demolition when the owners decided to rehabilitate the units, add a pool and clubhouse, and improve the grounds. The community offers three-story walk-up buildings. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $32,941,600 with a 40-year term. The project includes 38 one-bedrooms, 146 two-bedrooms, and 14 three-bedrooms. The property is surrounded on two sides by park land.

Collingswood Nursing Home
CollingswoodCollingswood Nursing Home is a 160-bed nursing home in Rockville, Maryland. The substantial rehabilitation of this property was accomplished in 1999 using a HUD-insured first mortgage obtained by AGM. Because HUD offers second debt for additions and improvements to currently insured properties, AGM recently arranged a $482,700 second debt insured pursuant to Section 241. These funds will be used to install a kidney dialysis unit to serve residents and the wider community.

Chatham Village
Chatham Village is a 94-unit family property located in Easton, Maryland. In 1992 AGM assisted in the original construction financing for this property from the State of Maryland. This year, AGM brokered the Fannie Mae refinance of Chatham Village to Wells Fargo, NA to produce a loan of $4,745,000. The new loan represents 63% Loan to Value. The refinancing repaid the original debt to the State and provided $487,000 for repairs and upgrades. The property includes 1 studio, 81 one-bedrooms, 9 two-bedrooms, and 3 three-bedrooms.

Tanglewood
Chatham VillageTanglewood is a 180-unit family apartment community to be built in Elizabeth City, North Carolina. The community offers three-story walk-up buildings with a pool and clubhouse. Using HUD's Section 221d4 New Construction program, AGM obtained a HUD-insured mortgage of $18,258,400 with a 40-year term. The loan will be funded pursuant to HUD's program for insured advances. The project includes 36 one-bedrooms, 114 two-bedrooms, and 30 three-bedrooms with 27 detached garages and 60 vaulted ceilings.