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.

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.

Westminster Portfolio 2

AGM recently closed nine refinance loans totaling over $29,000,000 for a portfolio of properties located across North Carolina and South Carolina.  The properties range in size from 28 to 120 units and total up to more than 560 apartments. These projects are largely garden-style walk-up apartments with Section 8 contracts. Four of the nine properties are targeted towards elderly families. Using HUD's Section 223(f) program, AGM obtained HUD-insured mortgages for each property, which are all non-recourse and fully amortizing at a fixed interest rate.

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.

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.