Marywood Apartments of Manassas

AGM Financial Services, Inc. is excited to announce the successful closure of a $15,000,000 mortgage for the extensive renovation of Marywood Apartments, benefiting the residents for many years to come. This remarkable project will provide for $68,000/unit in rehabilitation to this 129-unit, age-restricted community with 100% Section-8 housing in Manassas, Virginia.  The 40-year FHA insured loan was made using the Section 221(d)(4) program providing long term fixed rate construction/permanent debt.  The four-story, elevator-served building includes extensive amenities such as a large multipurpose community room, fitness room, hair salon, library, impressive pottery studio, laundry room, and meeting spaces on every floor.

Blaine Landing I & II

AGM Financial Services, Inc. is proud to announce the recent closing of two HUD insured mortgages totaling $11,502,300 for a LIHTC 9/4 Twin project to be known as Blaine Landing. Located in Williamsburg, Virginia, this rental community features 119 units in four three-story buildings plus a clubhouse.  Amenities include a fitness center, playground, and a pavilion with grilling stations. Both of the Section 221(d)(4) mortgages were processed simultaneously by a single HUD underwriter. The two projects were funded by 4% and 9% Tax Credits, Tax Exempt Bonds, and State Trust Fund money. This community will be broadly affordable with all units restricted to households whose incomes are at or below 60% of the area median income.

Governor’s Inn

AGM Financial Services, Inc. is proud to announce the recent closing of a HUD insured $38,139,200 mortgage under the 221(d)(4) new construction program for Governor’s Inn in Williamsburg, VA.  This new market rate community will be built on the site of a former hotel located close to the historic center of Colonial Williamsburg.  The five elevator-served apartment buildings will provide a total of 162 units.  A separate clubhouse will include a great room, cybercafé, fitness center, yoga studio, and swimming pool.  The pool deck will feature an outdoor living area, grilling station and fire pit.

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).

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.

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. 

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.

Heritage Forest Apartments

Heritage Forest Apartments is an existing affordable multi-family apartment community located in Newport News, Virginia.  Originally built within two phases in 2011 and 2014 with HUD insured financing and Low Income Housing Tax Credits (LIHTC), the community consists of 248 total units within garden apartment buildings and a freestanding clubhouse.  All of the community’s units have income restrictions ranging from households earning up to 60% of area median income (AMI) and below.  The amenity package includes a resident clubhouse, swimming pool, splash park, and playground.  AGM obtained HUD insured mortgages for both Phase I and Phase II under the 223(a)(7) refinance program.  Phase I had a mortgage amount of $8,609,900 and Phase II had a mortgage amount $6,339,600.  The refinance of the existing mortgages reduced the fixed interest rate while extending the term of each mortgage back to the original term of 40 years.

Haven Apartment Homes

Haven Apartment Homes is an existing 244-unit market rate multi-family apartment community located in Virginia Beach, Virginia.  The property was originally built in 1972 and renovated between 2015-2017.  The community consists of twelve 2-story townhome style buildings, eight 2-story garden style apartment buildings, and a recently renovated leasing office.  The community’s amenity package includes a pool, pool house, and fitness center.  AGM obtained a HUD insured mortgage of $28,937,200 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 35 years.

The Pointe at Pickett Farms

The Pointe at Pickett Farm I is an existing affordable multi-family apartment community located in Norfolk, Virginia.  Originally built within two phases in 2015 and 2016 with HUD insured financing and Low Income Housing Tax Credits (LIHTC), the community consists of 300 total units within garden walkup apartment buildings and a freestanding clubhouse.  The community’s units have a range of income restrictions for households earning 60% of area median income (AMI) and below.  The amenity package includes a resident lounge, swimming pool, playground area, and fitness center.  AGM obtained a HUD insured mortgage for both phases under the 223(a)(7) refinance program.  Phase I had a mortgage amount of $8,712,700 and Phase II had a mortgage amount of $14,363,800.  The refinance of the existing mortgages reduced the fixed interest rate while extending the term of the mortgages back to the original term of 40 years.

White Marsh Pointe at Eagle Landing

White Marsh Pointe at Eagle Landing consists of two contiguous apartment communities consisting of 206 rental units in Suffolk, Virginia. The community will include 113 renovated units in addition to 93 newly constructed units to replace previous public housing. The project will have townhouse-style buildings, garden walk-up buildings, and a newly constructed freestanding community building. All of the units will be covered under a long-term Section 8 contract and will be restricted to households earning either 50% or 60% of area median income (AMI). Utilizing HUD’s Section 18 Demolition/Disposition program and Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $23,100,000 at a fixed interest rate and a 40-year term. Equity of approximately $12,794,894 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include a $1,200,000 loan from the Suffolk Redevelopment and Housing Authority, a $275,000 loan from the City of Suffolk, and a $500,000 AHP loan.

The Presidio

The Presidio is a 250-unit new construction market rate multifamily project located in Charlottesville, Virginia. Located on 20.42 acres, The Presidio will consist of a combination of three-story garden style and four-story elevator serviced buildings and a freestanding clubhouse. Residents will have access to amenities including a lounge, cyber café, fitness center, yoga studio, swimming pool, outdoor grilling station, and fire pit area. Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $55,257,400 at a fixed interest rate with a 40-year term.

Beacon on 5th

Beacon on 5th is an existing 242-unit market rate multifamily community located in Charlottesville, Virginia.  Located on 11.67 acres of land, the project consists of six separate three-story walk-up garden apartment buildings, 32 townhouse units, two carriage homes, a community clubhouse building, and surface parking.  Onsite amenities include an expansive fitness area, yoga studio, cardio area, massage room, cybercafé, resident lounge, and resort style pool with grilling area and fire pit.  Throughout the community are several pocket parks with water features and lounge areas.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $49,920,000 with a 35-year term at a fixed interest rate.

Southern Pine Apartments

Southern Pine Apartments is an existing 240-unit market rate multi-family apartment community located in Virginia Beach, Virginia.  The property was originally built in 2016 and consists of nine, three-story walk-up apartment buildings, a two-story clubhouse, and a lakeside pavilion.  The community’s amenity package includes gated access, playground, a swimming pool complex with gas grills and fire pit, poolside cabana, fitness center, business center, tanning beds, two-lane bowling alley, dog-washing station, and dog park.  AGM obtained a HUD insured mortgage of $35,751,000 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.

Coastal 61 at Oxford Village

Coastal 61 at Oxford Village is a 244-unit new construction market rate multifamily development. The site is located within an Opportunity Zone in Virginia Beach, Virginia and is directly adjacent to Virginia Wesleyan University.  The project will consist of three-story walkup and four-story elevator-serviced buildings with surface parking.  The community will have high-end unit finishes and include a two-story clubhouse with resort-style pool, playground, fitness center, clubroom, business center, game room, rooftop deck, and grilling stations.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $37,825,400 at a fixed interest rate with a 40-year term.

Brent Place

Brent Place is an existing 207-unit affordable multifamily community located in Alexandria, Virginia.  Located on 3.85 acres of land, the project consists of one 14-story elevator-serviced apartment building, two outdoor swimming pools, and children’s playground.  The community has one-bedroom, two-bedroom, and three-bedroom units restricted to households earning at or below 60% of area median income (AMI).  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $15,950,600 with a 35-year term at a fixed interest rate.

Brookhill Apartments

Brookhill Apartments is a 316-unit new construction market rate multifamily community located in Charlottesville, Virginia.  Located on 19.05 acres of land, the project will consist of two, four-story elevator-serviced buildings, seven three-story walkup buildings, and a separate clubhouse.  The community will be the first phase of a larger multi-use development consisting of 277 acres with 800 to 1,550 residential units, a 130,000 square foot Town Center, parks, and an elementary school.  Brookhill Apartments will encompass high quality finishes and a generous amenity package including a resident lounge, cybercafé, billiards area, state of the art fitness facility, yoga studio, swimming pool, outdoor grilling station, and fire pit.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $58,881,000 at a fixed interest rate with a 40-year term.

South Alex®

South Alex® is a 400-unit new construction market rate multifamily project located in Alexandria, Virginia.  Located on 6.7 acres of land, the project will consist of one, four-story U-shaped building with a partial fifth floor and attached parking garage.  It will contain approximately 42,000 square feet of ground floor retail space including an anchor grocery store.  South Alex® will encompass high quality finishes and an amenity package including a lounge and clubroom with coffee bar, heated saltwater pool, fitness center, bike storage, fire pit, grill station, and outdoor dining area.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $98,931,100 at a fixed interest rate with a 40-year term.