Waldorf Technology Park

AGM Financial Services, Inc. is excited to announce the successful closure of a $68,968,700 mortgage for the new construction of Waldorf Technology Park. This remarkable project will provide 272 new market-rate units within 7 four-story elevator-served buildings in Waldorf, Maryland. The 40-year FHA insured loan was made using the Section 220 program providing long term fixed rate construction/permanent debt. The project will provide spacious, upscale apartment homes with stainless steel appliances, in-unit washer/dryer setup, balconies, and some covered garages.

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.

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.

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. 

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.

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.

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.

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

The Reserve at Stoney Creek I

The Reserve at Stoney Creek I is an existing 90-unit market rate multi-family apartment community located in Pasadena, Maryland.  Originally built in 2011 with HUD-insured financing obtained by AGM, the property consists of three separate four-story elevator-serviced apartment buildings with parking garages built into the first floor.  The community’s amenity package includes a pool, a fitness center, and central clubhouse which are shared between Phases I and II.  AGM obtained a HUD insured mortgage of $14,245,100 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years.

The Bonifant

The Bonifant is an existing 149-unit affordable senior apartment community located in Silver Spring, Maryland.  The project was originally financed with 4% LIHTC/tax exempt bonds and a HUD insured Section 221(d)(4) loan provided by AGM in 2015.  The property consists of one, eleven story high-rise apartment building. Of the community’s 149 units, 139 are restricted to households whose incomes are at or below 60% of area median income.  The remaining 10 units are market rate. All units are age restricted to 62+ head of household. The amenity spaces include a secure access-controlled entry, lobby with concierge and reception desk, on site leasing and management offices, business center with high-speed internet access, tenant services coordinator office and two access-controlled tower elevators. The second level features a conference room, multi-purpose community area, a fitness center, and an outdoor terrace with green space. AGM obtained a HUD insured mortgage of $14,418,100 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years.

Somerset Apartments

Somerset Apartments is an existing 99-unit affordable multi-family apartment community located in Silver Spring, Maryland.  The project was originally financed in 2001 with 4% LIHTC, short-term tax-exempt bonds, and a HUD insured 221(d)(4) mortgage provided by AGM.  The property consists of three separate three-story garden walkup apartment buildings. The property was subsequently refinanced by AGM under Section 223(a)(7) in 2011. Of the community’s 99 units, 90% are restricted to households whose incomes are at or below 60% of area median income. The remaining 10% of units have affordable rents by choice of the owner. AGM obtained a HUD insured mortgage of $7,780,700 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage to 33 years.

The Fred Apartment Homes

The Fred Apartment Homes is an existing 240-unit affordable multi-family apartment community located in Frederick, Maryland.  Originally built in 2018 with HUD-insured financing, the property consists of seven separate four-story garden walkup apartment buildings and a clubhouse 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 an on-site management office, a clubhouse, lounge, swimming pool, and fitness center.  AGM obtained a HUD insured mortgage of $35,500,000 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years.

Adams Crossing I Apartments

Adams Crossing I Apartments is an existing 192-unit affordable multi-family apartment community located in Waldorf, Maryland.  Originally built in 2015 with HUD-insured financing, the property consists of eight separate three-story garden walkup apartment buildings and a clubhouse building.  The community’s units are restricted to households whose incomes are at or below 60% of area median income.  The amenity package includes an on-site management office, a resident lounge, swimming pool, fitness room, an internet café and a kid’s playroom.  AGM obtained a HUD insured mortgage of $22,682,000 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years.

Millstone at Kingsview

Millstone at Kingsview is an existing 195-unit multi-family apartment community located in Germantown, Maryland.  The property was originally constructed in 2014 utilizing a HUD-insured 221(d)(4) mortgage.  The community consists of three separate four-story elevator-serviced buildings and a central clubhouse building.  The majority of the community’s units are market rate with the remainder (64 units) designated as Moderately Priced Dwelling Units (MPDU’s).  The community boasts an excellent amenity package including a pool, sundeck, fitness center, business center, resident lounge, and package service.  AGM obtained a HUD insured mortgage of $29,061,300 under the 223(a)(7) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage back to 40 years.

Hamilton Townhome Apartments

Hamilton Townhome Apartments is a 42-unit new construction market rate multifamily project located in Baltimore, Maryland.  Located on 1.94 acres in the Frankford neighborhood of Northeast Baltimore, Hamilton Townhome Apartments will consist of three groupings containing two-story townhouse-style buildings with two-bedroom units on the first floor and three-bedroom units on the second floor.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $7,396,800 at a fixed interest rate with a 40-year term.