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.

Westminster Portfolio 2

AGM recently closed nine refinance loans totaling over $29,000,000 for a portfolio of properties located across North Carolina and South Carolina.  The properties range in size from 28 to 120 units and total up to more than 560 apartments. These projects are largely garden-style walk-up apartments with Section 8 contracts. Four of the nine properties are targeted towards elderly families. Using HUD's Section 223(f) program, AGM obtained HUD-insured mortgages for each property, which are all non-recourse and fully amortizing at a fixed interest rate.

Woods at Victoria Park

Woods at Victoria Park is an existing 48-unit affordable elderly apartment community located in Woodbridge, Virginia.  The community consists of a single four-story elevator-served building with a lounge and community room.  The project serves seniors with incomes at or below 40% and 50% of area median income (AMI).  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $3,845,000 with a 35-year term at a fixed interest rate.

The Commons at Princess Anne

The Commons at Princess Anne Apartments is an existing 186-unit affordable elderly apartment community located in Virginia Beach, Virginia.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $10,600,000 with a 35-year term at a fixed interest rate. 

Golden Ring

Golden Ring is an existing 153-unit affordable elderly community located in Essex, MD.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $6,301,400 with a 35-year term at a fixed interest rate.  Maryland DHCD issued tax-exempt bonds in the amount of $10,000,000. Equity of approximately $5,513,000 was provided through the sale of 4% low income housing tax credits and a Rental Housing Works loan of $1,950,000 was provided from Maryland CDA.  Project sources allowed for approximately $30,000 per unit in renovations.