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.

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.

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.

Channing E. Phillips Homes

Channing E. Phillips Homes is an eight-story, 56-unit elevator served affordable multi-family apartment community located in Washington, DC.  Built in 2016 with HUD-insured financing, the property was recently refinanced with a new $7,427,800 HUD insured Section 223(a)(7) mortgage to reduce the fixed interest rate and mortgage insurance premium while extending the term of the mortgage back to the original term of 40 years.  Apartments are fully equipped, including in-unit washer and dryers.  All of the community’s units have income restrictions for households earning up to 60% of area median income (AMI).   

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.

Monticello Station

Monticello Station is an existing 121-unit market-rate multi-family apartment community located in Norfolk, Virginia.  Originally built in 2011 with HUD-insured financing, the property consists of three large four-story elevator-served apartment buildings. The property includes first floor retail anchored by a 7-Eleven, Sushi King, and Buffalo Wild Wings.  Amenities at the subject include a pool, a fitness center, a conference room, a garden-style courtyard, and access to structured parking located next door. AGM obtained a HUD insured mortgage of $30,667,500 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.

Arden Place

Arden Place is an existing 212-unit market-rate multi-family apartment community located in Charlottesville, Virginia.  Originally built in 2011 with HUD-insured financing, the property consists of six separate three- and four-story garden walkup apartment buildings, a carriage home, and a clubhouse building.  This upscale apartment community has a two-level clubhouse building, which includes a great room with fireplace, property leasing office, fitness center, internet café with Wi-Fi and free Starbucks coffee pods, kids’ recreation area, full swing golf simulator, playground, fenced dog park and bathroom/locker facilities. A custom designed swimming pool is immediately behind the clubhouse which includes a sundeck.  AGM obtained a HUD insured mortgage of $39,200,000 under the 223(f) refinance program.  The refinance of the existing mortgage reduced the fixed interest rate while extending the term of the mortgage to 35 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.

Lincoln Westmoreland Apartments

Lincoln Westmoreland Apartments is a 110-unit affordable multi-family apartment community located in Washington, DC.  Originally built in 1972, the property was refinanced in 2014 using HUD-insured financing along with a LIHTC transaction that provided fundingfor a substantial rehabilitation of the property.  Eighty two of the units are covered by a project-based Section 8 contract, and all of the units have income restrictions for households earning up to 60% of area median income (AMI).  Amenities include elevator service, a community room, laundry room, on-site day care and 25 on-site parking spaces.  AGM obtained a new $17,481,900 HUD insured mortgage under the 223(a)(7) refinance program to reduce the fixed interest rate and mortgage insurance premium while extending the term to 40 years.  The result was a significant savings in annual debt service for our borrower.

Lincoln Westmoreland Apartments

Lincoln Westmoreland Apartments is a 110-unit affordable multi-family apartment community located in Washington, DC.  Originally built in 1972, the property was refinanced in 2014 using HUD-insured financing along with a LIHTC transaction that provided fundingfor a substantial rehabilitation of the property.  Eighty two of the units are covered by a project-based Section 8 contract, and all of the units have income restrictions for households earning up to 60% of area median income (AMI).  Amenities include elevatorservice, a community room, laundry room, on-site day care and 25 on-site parking spaces.  AGM obtained a new $17,481,900 HUD insured mortgage under the 223(a)(7) refinance program to reduce the fixed interest rate and mortgage insurance premium while extending the term to 40 years.  The result was a significant savings in annual debt service for our borrower.

Crescent Landing Apartments

Crescent Landing Apartments is an existing 175-unit affordable multi-family apartment community located in Greenville, South Carolina. Originally built in 1973 and renovated in 2013 with HUD-insured financing, the property consists of 22 garden and townhome-style apartment buildings. All of the community’s units have income restrictions for households earning up to 60% of area median income (AMI). AGM obtained a HUD insured mortgage of $8,201,400 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 37 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.

Hunting Creek Townhomes

Hunting Creek Townhomes is an existing 35-unit affordable multi-family apartment community located in Alexandria, Virginia.  Originally built in 1982, the property consists of eight separate two-story townhouse style buildings.  All of the community’s units are covered by a long-term Project-based Section 8 contract.  The units serve households whose incomes are at or below 50% and 60% of area median income.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a FHA-insured mortgage of $6,600,000 with a 35-year term at a fixed interest rate.

Stone Pointe Apartments

Stone Pointe Apartments is an existing 288-unit Class A multifamily community located in Woodbridge, Virginia.  Located on 8.96 acres of land, the project consists of four separate four- and five-story elevator-serviced apartment buildings, and a clubhouse building.  The community has an extensive amenity package including a swimming pool with sundeck, club room, media room, fitness gym, structured parking, grilling stations, and package receiving services.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $59,500,000 with a 35-year term at a fixed interest rate.

Rhode Island Row

Rhode Island Row is an existing 274-unit Class A multi-family apartment community located in Washington, DC.  The property was originally built in 2012 utilizing a HUD-insured 220 mortgage.  The community consists of two four-story elevator-serviced buildings, each with three stories of residential above first floor retail.  While the majority of the apartments are market rate, 20% (55 units) are designated as Affordable Dwelling Units (ADU’s) serving households earning 50% or less of area median income.  The community’s amenity package includes a club room with wi-fi, pool table, entertaining kitchen, 24-hour fitness center, resort style pool with pool-house and grilling area, a business center, structured garage parking, and approximately 66,000 square feet of retail space.  AGM obtained a HUD insured mortgage of $79,401,500 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 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.

New Hope Properties

New Hope Properties is an existing 454-unit affordable multifamily apartment community located in Hopkinsville, Kentucky.  The project consists of 144 one- and two-story residential buildings containing 1-, 2-, 3-, 4-, and 5-bedroom units across nine scattered sites.  All of the community’s units are covered under a long-term Project-based Section 8 contract and will be restricted to households earning either 50% or 60% of area median income (AMI).  Utilizing HUD’s Rental Assistance Demonstration (RAD) Section 18 Demolition/Disposition Blend program and Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $28,650,000 at a fixed interest rate and a 40-year term.  Equity of approximately $27,544,890 was provided through the sale of 4% low-income housing tax credits (LIHTC).   Additional sources include a Kentucky Housing National Housing Trust Fund loan, and a Capital Funds Loan from the Housing Authority of Hopkinsville.

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.

BellaNova at JubiLee Park

BellaNova at JubiLee Park is an existing 312-unit market rate multi-family apartment community located in Orlando, Florida.  The property was originally built in 2019 utilizing a HUD-insured 221(d)(4) mortgage.  The community consists of 26 two-story apartment buildings, five detached garages, and a centrally located clubhouse building.  The community’s amenity package includes a pool and sundeck area with outdoor kitchen, a large fitness area with indoor basketball court, and a playground area with green space.  AGM obtained a HUD insured mortgage of $52,502,500 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 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.