Search using Categories: Year of Closing (2007 to Present), State, Multi-family, Senior Properties, Low-Income and Affordable Housing.
AGM Financial Services, Inc. is proud to announce the closing of an FHA-insured $2,734,300 mortgage under the 223(f) refinance program of Longfellow Arms Apartments in Washington D.C. Originally built in 1960 and renovated in 2009, this broadly affordable community features 30 units in one three-story building. All of the apartments are restricted to households whose incomes are at or below 60% of area median income.
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).
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 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.
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.
Kenyon Street Apartments is an existing 18-unit multifamily project located in Washington, DC. Located on 0.17 acres of land, the project contains 18 project based Section 8 cooperative units in one, four-story building. The project was originally built in 1911 and was substantially rehabilitated in 1983, and again in 2010. Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $1,426,100 with a 35-year term at a fixed interest rate.
Rhode Island Row is a 274 unit existing multi-family apartment community located in Washington, DC. The property was originally financed by AGM under the section 220 New Construction program in 2010. AGM obtained a HUD insured mortgage of $82,398,400 under the 223a7 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.
Oak Street Apartments is an existing 50 unit project based Section 8 community located in Washington, DC. Utilizing HUD's Section 223f refinance program, AGM obtained a HUD-insured mortgage of $7,910,000 with a 35 year term at a fixed interest rate.
Channing Phillips Homes is a 56 unit family affordable community located in Washington DC. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $7,779,600 at a fixed interest rate with a 40-year term. The District of Columbia Housing Finance Agency (DCHFA) issued tax exempt bonds in the amount of $11,500,000. Equity of approximately $5,370,300 was provided through the sale of 4% low income housing tax credits. The Government of the District of Columbia provided $445,000 for predevelopment cost through the Neighborhood Investment Fund (NIF).
Lincoln Westmoreland Apartments is a 110 unit existing affordable community located in Washington D.C. The community was originally built in 1970. AGM obtained a $19,210,000 HUD insured mortgage under the 223f Acquisition program. Equity of approximately $6,800,000 was provided through the sale of 4% low income housing tax credits. The District of Columbia Housing Finance Agency (DCHFA) issued tax exempt bonds in the amount of $15,000,000. Repairs of approximately $2,360,000 were completed as a part of the transaction.
Williston Apartments is a 28 unit apartment complex consisting of two four-story apartment buildings located in Washington D.C. The community was originally built in 1940 and rehabilitated in 2010. The property has a project based Section 8 contract on all 28 units. Using the 223f Refinance Program, AGM obtained a $3,750,100 HUD-insured mortgage with a 35 year term and a fixed interest rate.
Belmont Crossing is a 275 unit apartment complex comprised of 25 three-story building located in Washington D.C. The property was originally financed pursuant to HUD’s Section 221(d)(4) substantial rehabilitation program. Using HUD's Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $11,910,300. The new mortgage refinanced the old debt and lowered the interest rate resulting in substantial annual debt service savings.
Progression Place is a 205-unit mixed use retail and apartment community located in Washington D.C’s Shaw neighborhood. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $53,147,200 with a fixed interest rate over 40 years. Existing historic structures were renovated and integrated with a new building containing the majority of project area. Additional debt was provided to the project by the D.C. Department of Housing and Community Development, and the D.C. Office of the Deputy Mayor for Planning and Economic Development.
2M is a 13 story 314-unit family apartment community with 4,100 square feet of first floor retail space under construction in the District of Columbia. AGM obtained a $63,779,400 HUD-insured construction/permanent mortgage under HUD’s Section 221(d)(4) New construction program for the project that fully amortizes over the 40 year permanent period. The project includes 25 studio, 196 one-bedrooms, 76 two-bedrooms, 17 three-bedrooms and on-site below grade parking.
CityMarket at O Street is a mixed-use development in Washington D.C.’s Shaw neighborhood. Using HUD's Section 220 New Construction program, AGM obtained an FHA-insured mortgage of $128,000,000 with a fixed interest rate over a term of construction plus 40-years. Additional financing included The District of Columbia’s issuance of $32,000,000 of Tax Increment Financing Bonds and a Grant. The project will contain a Giant Foods grocery store, 400 units of Class A apartments, ancillary retail space and an underground parking garage. Other components of the mixed-use development include a 182 room Cambria Suites hotel to be built immediately upon completion of the parking garage, as well as for sale condominiums and age-restricted apartments.
Johnson Towers is a 55-unit existing elderly apartment building built in 1991 located in District of Columbia. Johnson Towers was financed under the HUD 223(f) program as the refinancing and rehabilitation of an old Section 202 property. The new $4,210,700 HUD-insured loan has a 35-year term. The HUD-insured funds were combined with Green Retrofit funds of $907,493 to complete $17,000 per unit in repairs, upgrades, and energy conservation measures.
Rhode Island Station is a 274 unit elevator-served market rate family apartment community to be built in Washington D.C., at the Rhode Island Avenue - Brentwood Metro stop. Using HUD's Section 220 New Construction program for areas of urban redevelopment, AGM obtained a HUD-insured mortgage of $82,398,400 with a 40-year term. The community will consist of two, four-story buildings and will include first floor retail space and two free-standing parking garages with 468 spaces. The project includes 111 one-bedroom units, 150 two-bedroom units, and 13 three-bedroom units. Of the 274 units, 55 will be affordable to families earning less than 50% of area median income.
