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.

Baybrook Park

AGM Financial Services, Inc. is proud to announce the closing of an FHA-insured $4,030,000 mortgage under the 223(f) refinance program of the Baybrook Park in Webster, TX. Built in 2006, this affordable senior apartment community features 100 units in four single-story buildings and one four-story elevator-served building. The extensive list of amenities includes a pool, BBQ pavilion, shuffleboard, activity center, business center with free internet, clothes care center, limited access gates, and private garages.  The community will also provide social services and planned activities as well as regularly scheduled transportation. Eighty of the units charge rents that are affordable to 30%, 50% and 60% AMI households and average 41.1% below market rents.

Uvalde Ranch

AGM Financial Services, Inc. is proud to announce the successful closing of a HUD insured $14,397,500 mortgage under the 223(f) refinance program of Uvalde Ranch in Houston, TX. Originally built in 2005, this affordable senior apartment community features 244 units in seven three-story garden style buildings and one four-story elevator served building. All of the apartments are restricted to households whose incomes are at or below 50% of area median income. Amenities include a clubhouse, game room, laundry facilities, pool area with tropical landscaping, and playground.

Jefferson House Senior Apartments

AGM Financial Services, Inc. is proud to announce the closing of an FHA-Insured $4,800,000 mortgage for Jefferson House Senior Apartments.  Located in Lynchburg, Virginia, this community features 101 units in an elevator-served six-story building.  Amenities include a laundry facility, meeting room, exterior patio area, and a new fitness center.  This community was financed under the 223(f) refinance program and is broadly affordable, with all units restricted to households whose incomes are at or below 60% of the area median income (AMI).

Darby House

AGM closed on a HUD insured mortgage of $5,532,500 under the 223(f) refinance program for Darby House. Originally built in 2006, Darby House is an existing 108-unit affordable senior apartment community located in Richmond, Virginia.  The property consists of one four-story elevator-served apartment building.  All of the community’s units are restricted to households whose incomes are at or below 50% of area median income.  Amenities include multi-purpose room, sitting area on each floor, administrative offices, crafts room, TV / library room, lobby, kitchen, fitness center, laundry room on each floor, mail, restrooms, and storage cages that are included in the rents. The project site also has 88 self-park parking spaces. 

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.

Dino Papavero Senior Centre

Dino Papavero Senior Centre is an existing 150-unit affordable senior rental property in Fontana, California.  The project is located on 3.78 acres of land and consists of one, eight-story elevator serviced building with surface/covered parking.  All of the property’s units are rent restricted based on a long-term Section 8 HAP contract.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $8,900,000 at a fixed interest rate and a 40-year term.  Equity of approximately $10,246,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).

Glen Forest Senior Apartment Homes

Glen Forest Senior Apartment Homes is an existing 100-unit mixed-income age-restricted apartment community located in Glen Burnie, Maryland.  Tenancy is restricted to households headed by an individual aged 62 years or older.  The project is located on 4.56 acres of land and consists of one, four-story elevator-serviced building.  The community offers units restricted to tenants earning at or below 50% and 60% of area median income (AMI).  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $6,069,500 with a 35-year term at a fixed interest rate.

Willow Manor at Fairland

Willow Manor at Fairland is a 121-unit new construction mixed-income senior community located in Silver Spring, Maryland.  The residency will be restricted to tenants aged 62 years or older.  Of the 121 units, six will be restricted at 30% of AMI, six units restricted at 50% of AMI, 48 restricted at 60% of AMI, and the remaining 61 units will be market rate.  The project is located on 2.07 acres of land and will consist of one, three-story elevator-serviced building.  Utilizing HUD's Section 231 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $16,613,200 at a fixed interest rate with a 40-year term.  Equity of approximately $3,089,361 was provided through the sale of 4% low income housing tax credits (LIHTC).  Additional sources include a combined loan of $2,500,000 loan from the State of Maryland’s Rental Housing Works (RHW) and Rental Housing Program (RHP) funds and a $595,000 contribution from Montgomery County, DHCD.

Snowden Creek

Snowden Creek is a 109-unit new construction market rate senior community located in Sykesville, Maryland.  The residency will be restricted to tenants aged 62 years or older.  The property is located on 15.64 acres of land and will consist of a three-story elevator-served building with approximately 5,300 square feet of amenity space and surface parking.  Utilizing HUD's Section 231 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $21,350,400 at a fixed interest rate with a 40-year term.

Linwood Terrace Apartments

Linwood Terrace Apartments is a 100-unit existing senior rental property located in Gastonia, North Carolina.  Under HUD’s Rental Assistance Demonstration (RAD) program, the property converted its existing public housing subsidies into a long-term Section 8 contract.  The project consists of 26 one-story quad and duplex apartment buildings and two community buildings on 11.46 acres of land.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $3,160,000 at a fixed interest rate and a 40-year term.  Equity of approximately $3,187,417 was provided through the sale of 4% low-income housing tax credits (LIHTC).  Additional sources include a $500,000 Federal Home Loan Bank of Atlanta (AHP) loan and $2,634,080 in Gastonia Housing Authority (GHA) Reserves.

Woods Edge Senior Apartments

Woods Edge Senior Apartments is an existing 97-unit affordable independent living senior apartment community located in Charlottesville, Virginia.  Originally built in 2001, the project consists of one three-story elevator-serviced building.  The project serves seniors with incomes below 60% of area median income (AMI).  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $8,000,000 with a 35-year term at a fixed interest rate.

Villa Grande on Saxon

Villa Grande on Saxon is an existing 120-unit market rate independent living senior apartment community located in Orange City, Florida.  Originally built in 2009, the project consists of one four-story elevator-serviced building with a clubhouse and swimming pool.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $17,800,000 with a 35-year term at a fixed interest rate.

Belnor Senior Residences

Belnor Senior Residences is a 122-unit new construction affordable senior community located in Suitland, Maryland.  The project will serve senior residents (age 62+ head of household) and will consist of one, four-story elevator-serviced building situated on a 4.72 acre site.  The units will be restricted to tenants earning incomes below 50% and 60% of average median income (AMI).  Using HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $13,883,000 at a fixed interest rate with a 40-year term.  Equity of approximately $8,368,563 was provided through the sale of 4% low income housing tax credits (LIHTC).  Additional sources include a $2,500,000 Rental Housing Works loan provided from Maryland CDA, $1,160,000 from the Federal Home Loan Bank, and $750,000 in DHCD Prince George’s County HOME funds. 

Chase House

Chase House is a 189-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 $11,970,000 at a fixed interest rate and a 40-year term.  Equity of approximately $11,817,230 was provided through the sale of 4% low-income housing tax credits (LIHTC).  $1,182,886 in Rental Housing Works was provided by the state of Maryland.  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

Wyman House

Wyman House is a 175-unit existing elderly and disabled rental property located in Baltimore City, Maryland. The property includes 112 studio and 63 one-bedroom apartments.  Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $7,339,000 with a fixed rate and 40-year term. The subject was acquired by the sponsor and will be substantially renovated and preserved as affordable housing. The sponsor plans to invest approximately $60,860 per unit in rehabilitation costs. 

The project will also be financed with equity from the sale of 4% low-income housing tax credits (LIHTC). The Housing Authority of Baltimore City (HABC) will maintain its participation in the tenant selection and oversight of the property, and has provided a seller take-back mortgage loan.  One hundred and sixty-eight of the units are expected to be converted from public housing to long-term, Section 8 project-based rental assistance (PBRA), and an additional seven units are being added from space that was previously leased as office and medical suites.

HUD’s Rental Assistance Demonstration (RAD) program was utilized to convert the subject from public housing to long-term Section 8 rental assistance with a Housing Assistance Payment (HAP) contract.  The HAP contract will provide PBRA to 96% of the units at the property. The seven new units (4% of the total) will not have Section 8 assistance, but will be LIHTC-restricted.  Additionally, the low-income housing tax credits include the long-term use restriction of 100% of the units to serve tax credit eligible tenants.

Brentwood

The Brentwood is a 150-unit existing elderly and disabled rental property located on approximately 0.6305 acres in Baltimore, Maryland. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $10,700,000 with a fixed rate and 40-year term. The property was acquired by the sponsor, and will be substantially renovated and preserved as affordable housing. The sponsor plans to invest approximately $92,090 per unit in rehabilitation costs for the property.  

The project will also be financed with equity from the sale of 4% low-income housing tax credits (LIHTC), Rental Housing Works Funds (PHWF) as well as Consumer Investment Funds (CIF). The Housing Authority of Baltimore City (HABC) will maintain its participation in the tenant selection and oversight of the property, and has provided a seller take-back mortgage loan.  

The property participated in HUD’s Rental Assistance Demonstration (RAD) Program and received a Housing Assistance Payment (HAP) contract to replace the former public housing funds that HABC received from HUD.  The HAP contract will provide project-based rental assistance (PBRA) to 100% of the units at the property.  Additionally, the low-income housing tax credits include the long-term use restriction on all units pending final income verification.

Bernard E. Mason

Bernard E. Mason is a 225-unit existing elderly and disabled rental property located on approximately 11.662 acres in Baltimore, Maryland. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $13,000,000 with a fixed rate and 40-year term. The property was acquired by the sponsor, and will be substantially renovated and preserved as affordable housing. The sponsor plans to invest approximately $62,098/unit in rehabilitation costs for the property.  

The project will also be financed with equity from the sale of 4% Low Income Housing Tax Credits. The Housing Authority of Baltimore City will maintain its participation in the tenant selection and oversight of the property, and has provided a seller take-back mortgage loan.  Two hundred twenty-three of the units are expected to be converted from public housing to long-term, Section 8 project-based rental assistance (“PBRA”), and an additional two units are being added from space that is currently medical space.

The property participated in HUD’s Rental Assistance Demonstration (RAD) Program and received a Housing Assistance Payment (HAP) contract to replace the former public housing funds that HABC received from HUD.  The HAP contract will provide project-based rental assistance (“PBRA”) to 100% of the units at the property.  Additionally, the low income housing tax credits include the long-term use restriction of 99.4% (all but one) of the units to serve tax credit eligible tenants.

Basilica Place

Basilica Place is an existing 200 unit senior community in Baltimore, Maryland. Utilizing HUD’s 223f Tax Credit PILOT refinance program, AGM arranged a $10,900,000 HUD insured mortgage with a fixed interest rate and 35 year term. Maryland DHCD issued tax exempt bonds in the amount of $11,900,000. Equity of approximately $5,525,000 was provided through the sale of 4% low income housing tax credits. Project sources allowed for approximately $27,000 per unit in upgrades and repairs.