Morris H. Blum Senior Apartments

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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.

Monument East

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Monument East Apartments is an existing 170-unit rental property for elderly and non-elderly disabled tenants located in Baltimore City, Maryland.  Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $12,110,000 at a fixed interest rate and a 40-year term.  Equity of approximately $15,025,794 was provided through the sale of 4% low-income housing tax credits (LIHTC).  Additional sources from Maryland Department of Community Development (CDA) included a $2,500,000 Rental Housing Works (RHW) loan and a $3,000,000 Partnership Rental Housing Works (PRHP) loan.  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

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Myles Perkins

Myles has spent more than 15 years in commercial real estate with experience in asset management, acquisitions, dispositions, and financing. Prior to joining AGM he was a Vice President of asset management with The JBG Companies in Chevy Chase, MD. Before joining JBG, Myles was an investment analyst for the Akridge Companies in Washington, DC. He also spent several years underwriting and originating GSE debt at Reilly Mortgage Group before it was acquired by Wells Fargo. B.A. Geography, Bucknell University; MBA, Darden School of Business, The University of Virginia.

McCulloh Homes

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McCulloh Homes is a 350-unit existing elderly and non-elderly disabled rental property located in Baltimore City, MD.  Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract. Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $29,833,000 at a fixed interest rate and a 40-year term. 

Equity of approximately $25,846,350 was provided through the sale of 4% low-income housing tax credits (LIHTC).  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

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Myles Perkins

Myles has spent more than 15 years in commercial real estate with experience in asset management, acquisitions, dispositions, and financing. Prior to joining AGM he was a Vice President of asset management with The JBG Companies in Chevy Chase, MD. Before joining JBG, Myles was an investment analyst for the Akridge Companies in Washington, DC. He also spent several years underwriting and originating GSE debt at Reilly Mortgage Group before it was acquired by Wells Fargo. B.A. Geography, Bucknell University; MBA, Darden School of Business, The University of Virginia.

Westminster House

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Westminster House Apartments is an existing 282-unit affordable rental property for elderly and non-elderly disabled tenants in Baltimore City, Maryland.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $19,500,000 at a fixed interest rate and a 40-year term.  The financing of the project involved the prepayment of an existing HUD Section 202 loan.  The units consist of a combination of project-based Section 8, and affordable units which are eligible to receive tenant protection vouchers.  Equity of approximately $13,420,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).  An additional $12,747,753 in equity was provided from a seller take-back note.

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Myles Perkins

Myles has spent more than 15 years in commercial real estate with experience in asset management, acquisitions, dispositions, and financing. Prior to joining AGM he was a Vice President of asset management with The JBG Companies in Chevy Chase, MD. Before joining JBG, Myles was an investment analyst for the Akridge Companies in Washington, DC. He also spent several years underwriting and originating GSE debt at Reilly Mortgage Group before it was acquired by Wells Fargo. B.A. Geography, Bucknell University; MBA, Darden School of Business, The University of Virginia.

Ellerslie Apartments

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Ellerslie Apartments is a 117-unit existing rental property for elderly and non-elderly disabled tenants located in Baltimore City, MD.  Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract. Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $10,800,000 at a fixed interest rate and a 40-year term.  Equity of approximately $8,614,421 was provided through the sale of 4% low-income housing tax credits (LIHTC).  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

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Myles Perkins

Myles has spent more than 15 years in commercial real estate with experience in asset management, acquisitions, dispositions, and financing. Prior to joining AGM he was a Vice President of asset management with The JBG Companies in Chevy Chase, MD. Before joining JBG, Myles was an investment analyst for the Akridge Companies in Washington, DC. He also spent several years underwriting and originating GSE debt at Reilly Mortgage Group before it was acquired by Wells Fargo. B.A. Geography, Bucknell University; MBA, Darden School of Business, The University of Virginia.