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. 

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.

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

Greenspring Overlook

Greenspring Overlook is an existing 189-unit affordable rental property in Baltimore, Maryland.  The project consists of 13 residential buildings including a leasing office/community building centrally located on the property.  A long-term Section 8 contract covers 188 of the 189 units.  Amenities at the property include a large community room, shared green space, a playground, and available daycare/after school services.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $12,500,000 at a fixed interest rate and a 40-year term.  Equity of approximately $9,529,577 was provided through the sale of 4% low-income housing tax credits (LIHTC).   Additional sources include an EmPower loan, Rental Housing Program (RHP) loan, HOME loan, and Affordable Housing Program (AHP) loan.

Westminster Portfolio

AGM recently closed a portfolio of 11 properties located across North Carolina and South Carolina.  The properties range in size from 63 and 156 units and are largely garden-style walk-up apartments with Section 8 contracts.  Using HUD's Section 223(f) refinance program, AGM obtained HUD-insured mortgages for each property with total proceeds exceeding $30,000,000 for the portfolio.  Each mortgage is non-recourse and fully amortizing at a fixed interest rate.