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.

Riverwatch I

Riverwatch I is an existing 84-unit mixed income multi-family apartment community located in Elkridge, Maryland.  Originally built in 2017 with Low Income Housing Tax Credits (LIHTC), the property consists of ten, three-story townhouse buildings and a freestanding clubhouse.  Three of the residential buildings include elevators.  The community’s units have income restrictions ranging from households earning up to 50% of area median income (AMI) to market rate.  The amenity package includes individual entrances to all units, a garage for all townhouse units, a leasing office, a playground, a gazebo, a patio and walking trails along the Patapsco River.   AGM obtained a HUD insured mortgage of $14,126,200 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.

Riverwoods at Tollgate

Riverwoods at Tollgate is an existing 84-unit mixed income multi-family apartment community located in Abingdon, Maryland.  Originally built in 2017 with 9% Low Income Housing Tax Credits (LIHTC), the property consists of four, three-story garden walkup apartment buildings and a freestanding clubhouse.  The community’s units have income restrictions ranging from households earning up to 30% of area median income (AMI) to market rate.  The amenity package includes a business center, dog park, fitness center, laundry facilities, on-site leasing office, playground, outdoor area with firepit, and walking paths to local establishments.   AGM obtained a HUD insured mortgage of $7,983,500 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.