Park Heights Senior Apartments

AGM Financial Services, Inc. is proud to announce the successful closing of an $8,755,000 mortgage for the new construction of Park Heights Senior Apartments with FHA mortgage insurance under Section 221(d)(4). The sponsor obtained site control through an RFP process and a subsequent Land Disposition Agreement with the City of Baltimore. The building will be a single, 4-story elevator served apartment building. All 100 units will be age restricted to heads of household aged 62+. The project will have full-service units and amenities including an exercise room and community room. Utilizing 4% Low-income Housing Tax credits, all units will be restricted to 30%-60% of AMI. This neighborhood revitalization project received substantial state and local financial support, including Baltimore City’s use of American Rescue Plan Act (ARPA) funds.  In the future, a second phase will be developed on an adjacent lot with a family building.

Marywood Apartments of Manassas

AGM Financial Services, Inc. is excited to announce the successful closure of a $15,000,000 mortgage for the extensive renovation of Marywood Apartments, benefiting the residents for many years to come. This remarkable project will provide for $68,000/unit in rehabilitation to this 129-unit, age-restricted community with 100% Section-8 housing in Manassas, Virginia.  The 40-year FHA insured loan was made using the Section 221(d)(4) program providing long term fixed rate construction/permanent debt.  The four-story, elevator-served building includes extensive amenities such as a large multipurpose community room, fitness room, hair salon, library, impressive pottery studio, laundry room, and meeting spaces on every floor.

Morris H. Blum Senior Apartments

AGM Financial Services, Inc. is proud to announce the successful closing of a $9,370,000 mortgage for the substantial rehabilitation of the Morris H. Blum Senior Apartments in Annapolis, Maryland.  This is an elderly/non-elderly disabled preferred community with Rental Assistance Demonstration (RAD)/Section 18 conversion covering 100% of the units with long term Section 8 contracts.  AGM financed the project with a 40-year FHA-Insured mortgage under the Section 221(d)(4) program paired with the federal 4% low-income housing tax credit program.  The project is a joint venture between the Housing Authority of the City of Annapolis (HACA) and The Community Builders, Inc. (TCB), a non-profit affordable housing developer. 

Located adjacent to the Navy-Marine Corps Memorial Stadium, this eight-story, elevator served building provides 154 apartments.  Sixteen of the units will be restricted to households whose incomes are at or below 30% of the area median income (AMI), 62 units will be restricted to at or below 40% AMI, 70 units will be restricted to at or below 60% AMI, and 6 units will be restricted to at or below 80% AMI.  The amenity package includes a multipurpose community room, a computer room, a laundry facility, and a medical clinic that is utilized for tenants by local non-profit agencies.  The rehabilitation will provide $156,000 per unit in renovations and improvements. 

AGM has now completed 28 RAD transactions nationwide.

Blaine Landing I & II

AGM Financial Services, Inc. is proud to announce the recent closing of two HUD insured mortgages totaling $11,502,300 for a LIHTC 9/4 Twin project to be known as Blaine Landing. Located in Williamsburg, Virginia, this rental community features 119 units in four three-story buildings plus a clubhouse.  Amenities include a fitness center, playground, and a pavilion with grilling stations. Both of the Section 221(d)(4) mortgages were processed simultaneously by a single HUD underwriter. The two projects were funded by 4% and 9% Tax Credits, Tax Exempt Bonds, and State Trust Fund money. This community will be broadly affordable with all units restricted to households whose incomes are at or below 60% of the area median income.

Rosemont

AGM Financial Services, Inc. is proud to announce the successful closing of an FHA-insured $11,139,700 mortgage for the substantial rehabilitation of 106 apartments located in Baltimore, Maryland. The property was originally built in 1975 and consists of 14 residential buildings plus a former recreation center that will be repurposed to house the all new clubhouse and management office. This 100% Section 8 property will undergo a RAD conversion, allowing nearly $200,000 per unit in renovations.  Financed using FHA Mortgage Insurance, 4% Tax Credits, Tax Exempt Bonds, Rental Housing Works Funds, MEEHA – EmPower Funds, and Partnership Rental Housing funds.

Willow Manor at Cabin Branch

AGM Financial Services, Inc. is proud to announce the recent closing of a $20,837,400 mortgage for the construction of Willow Manor at Cabin Branch located in Clarksburg, Maryland.  AGM provided a 40-year, FHA insured construction/permanent loan under the Section 221(d)(4) program for the development, which also utilized 4% Tax Credits and Tax Exempt Bonds.  This community will consist of 125 elevator-served, age restricted units in a single four-story building.  Community amenities will include a large multipurpose room with a café, a parlor area with seating and computers for resident use, a fitness center/yoga room, and outdoor walking trails.  All of the apartments will be leased to tenants earning 60% or less of the Area Median Income. 

Baybrook Park

AGM Financial Services, Inc. is proud to announce the closing of an FHA-insured $4,030,000 mortgage under the 223(f) refinance program of the Baybrook Park in Webster, TX. Built in 2006, this affordable senior apartment community features 100 units in four single-story buildings and one four-story elevator-served building. The extensive list of amenities includes a pool, BBQ pavilion, shuffleboard, activity center, business center with free internet, clothes care center, limited access gates, and private garages.  The community will also provide social services and planned activities as well as regularly scheduled transportation. Eighty of the units charge rents that are affordable to 30%, 50% and 60% AMI households and average 41.1% below market rents.

Admiral’s Landing 9 & 4

AGM Financial Services, Inc. is proud to announce the successful closing of two FHA- insured mortgages totaling $13,000,000 for a LIHTC 9/4 Twin project known as Admiral’s Landing. Located in Great Mills, Maryland, this affordable housing community was originally built in 1989 and features 134 units in 12 three-story buildings which will be fully renovated.  Both of the Section 221(d)(4) mortgages were processed simultaneously by a single HUD underwriter in order to successfully execute the 9/4 Twin transaction. The two projects will also be funded by 9% Tax Credits, 4% Tax Credits, Tax Exempt Bonds, and Rental Housing Works (RHW) funds in combination with Rental Housing Program (RHP) funds provided by Maryland DHCD. Combining these sources of funds, the owner will be able to expand several units and provide extensive renovations throughout the community averaging $89,500 per unit. All of the units in both phases are designated as affordable, with income limits ranging from 30% to 60% of AMI on various apartments.

Uvalde Ranch

AGM Financial Services, Inc. is proud to announce the successful closing of a HUD insured $14,397,500 mortgage under the 223(f) refinance program of Uvalde Ranch in Houston, TX. Originally built in 2005, this affordable senior apartment community features 244 units in seven three-story garden style buildings and one four-story elevator served building. All of the apartments are restricted to households whose incomes are at or below 50% of area median income. Amenities include a clubhouse, game room, laundry facilities, pool area with tropical landscaping, and playground.

Governor’s Inn

AGM Financial Services, Inc. is proud to announce the recent closing of a HUD insured $38,139,200 mortgage under the 221(d)(4) new construction program for Governor’s Inn in Williamsburg, VA.  This new market rate community will be built on the site of a former hotel located close to the historic center of Colonial Williamsburg.  The five elevator-served apartment buildings will provide a total of 162 units.  A separate clubhouse will include a great room, cybercafé, fitness center, yoga studio, and swimming pool.  The pool deck will feature an outdoor living area, grilling station and fire pit.

The Cascades of Frederick

The Cascades of Frederick is a new-construction 151-unit affordable senior apartment community located in Frederick, Maryland.  Located on 7.45 acres of land, the property will consist of one four-story elevator served apartment building. All of the community’s units are restricted to households whose incomes are at or below 60% of area median income.  The amenity package includes a multipurpose community room, a dog wash, library/business center, billiards lounge with TV, a fitness room, and open patio/courtyard.  The project was financed with 4% tax credits and a HUD-insured mortgage obtained by AGM of $24,250,000 and a term of 40 years under the 231 program.

The View at Mill Run I

AGM Financial Services, Inc. is proud to announce the successful closing of an FHA-insured $74,308,100 mortgage under the 223(f) refinance program of the View at Mill Run I of Owings Mills, MD. Originally built in 2012 with financing provided by AGM, this market rate apartment community features 375 units in one four-story, elevator-served building. This community is part of a multi-phase development located along Dolfield Boulevard. Project amenities include a large clubhouse with kitchen, business/conference center, fitness center, yoga room, swimming pool, outdoor patio with California kitchen & shuffleboard, playground, and structured parking.

Longfellow Arms Apartments

AGM Financial Services, Inc. is proud to announce the closing of an FHA-insured $2,734,300 mortgage under the 223(f) refinance program of Longfellow Arms Apartments in Washington D.C. Originally built in 1960 and renovated in 2009, this broadly affordable community features 30 units in one three-story building. All of the apartments are restricted to households whose incomes are at or below 60% of area median income. 

New City Plaza

New City Plaza in Salt Lake City, Utah, showcases another innovative approach to preserving and improving affordable housing. Using a blend of Section 18 and the Rental Assistance Demonstration (RAD) program, Housing Connect (the Salt Lake County Housing Authority) is redeveloping 299 age-restricted Section 8 units in two adjacent towers. As part of the redevelopment, they are building an addition connecting the two towers and housing new leasing and management offices. This project was financed using 4% Low Income Housing Tax Credits, Short Term Bonds, and an FHA-Insured mortgage of $25,700,000. With the financing of New City Plaza, AGM has completed 27 RAD transactions nationwide.

Remington Row

Remington Row is a 108-unit market rate mixed-use project developed by Seawall in downtown Baltimore. Seawall and Remington Row are leading the revitalization of the historic Remington neighborhood, creating high-quality residential living as well as space for small businesses and nonprofits to thrive. AGM was pleased to provide $28,000,000 in long-term FHA-insured permanent financing for Remington Row and to join Seawall in their work to turn Remington Avenue into a walkable urban main street.

Overlook at Avalon

Overlook at Avalon is a 114-unit affordable multi-family apartment community located in Frederick, Maryland.  Built in 2017 with a HUD-insured mortgage, these rental townhomes include a one-car garage.  All of the community’s units have income restrictions for households earning a maximum of 50%-60% of area median income (AMI).  AGM achieved significant savings in annual debt service by obtaining a new HUD insured mortgage of $19,002,700 under the 223(a)(7) refinance program, reducing the fixed interest rate and mortgage insurance premium while extending the term of the mortgage to 40 years.

Naples Manor Townhomes

AGM Financial Services, Inc. is proud to announce the successful closing of an FHA-insured $17,918,000 mortgage for the Naples Manor Townhomes located in Silver Spring, MD. Built in 1988, these 64 three-story townhomes are surrounded by nature with access to the nearby retail, employment, and public transit.  Together with their recent purchase of the community, the owner added income restrictions to preserve it as affordable.  Thirteen of the townhomes are restricted to households making at or below 50% of area median income, and 51 are restricted to households making at or below 65% of area median income. The project was financed under the 223(f) Refinance program and Montgomery County supported the transaction by providing a tax abatement.

Overlook Manor Townhouses

AGM Financial Services, Inc. is proud to announce the recent closing of a HUD insured $10,500,000 mortgage under the 221(d)(4) substantial rehab program of Overlook Manor Townhouses in Frederick, Maryland. Originally built in 1985, this affordable apartment community features 63 units in nine two-story townhouse-style buildings. Thirteen units are restricted to households whose incomes are at or below 50% of area median income, and 50 units are restricted to households whose incomes are at or below 60% of area median income. This project was also funded by 4% Tax Credits, Tax Exempt Bonds, Rental Housing Works (RHW) funds, HOME funds, and a MEEHA Loan. Due to this, the project was able to do $71,702 per unit of rehab and repairs.

Channing E. Phillips Homes

Channing E. Phillips Homes is an eight-story, 56-unit elevator served affordable multi-family apartment community located in Washington, DC.  Built in 2016 with HUD-insured financing, the property was recently refinanced with a new $7,427,800 HUD insured Section 223(a)(7) mortgage to reduce the fixed interest rate and mortgage insurance premium while extending the term of the mortgage back to the original term of 40 years.  Apartments are fully equipped, including in-unit washer and dryers.  All of the community’s units have income restrictions for households earning up to 60% of area median income (AMI).   

Victory Tower of Takoma Park

AGM Financial Services, Inc. is proud to announce the closing of an FHA-insured $8,900,000 mortgage under the 223(f) refinance program of Victory Tower in Takoma Park, MD. Built in 1971 and renovated in 2004/2005, this affordable senior and non-elderly disabled (NED) apartment community features 187 units in a twelve-story building. Amenities include a leasing office, community room with a kitchen, laundry room, a fitness center, and a dining room. All but four units are covered under two separate long term HAP contracts. Additionally, all of the units are income restricted based on legacy deed restrictions, limiting rents to 50% and 60% AMI households