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.