Properties Financed by AGM

Thursday
Mar152018

BellaNova at Jubilee Park 

BellaNova at Jubilee Park is a 312-unit new construction market rate multifamily community located in Orlando, Florida.  The project is located on a 28.1 acre parcel and will consist of 26, two-story apartment buildings, five detached garage buildings, and one clubhouse.  The project also features a heated swimming pool with deck area, outdoor kitchen, playground, walking trail, four pocket parks, and a designated car care area.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $52,908,700 at a fixed interest rate with a 40-year term.

 

Monday
Jan082018

Auburn Pointe Apartments

Auburn Pointe Apartments is an existing 274-unit affordable multifamily apartment community located in Newport News, Virginia.  The project is located on 13.53 acres of land and consists of 12, one and two-story buildings with a separate rental office and pool building.  All of the units are 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 $15,756,900 with a 35-year term at a fixed interest rate.

Monday
Jan082018

Cameron Courts and Weldon Heights Apartments 

Cameron Courts and Weldon Heights Apartments is a 190-unit existing multifamily 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 two scattered site projects housed in 62 one and two-story apartment buildings and two community buildings on 24 acres of land.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $7,100,000 at a fixed interest rate and a 40-year term.  Equity of approximately $7,541,843 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 a $320,924 Capital Funds loan from the Gastonia Housing Authority.  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

Monday
Jan082018

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.

Monday
Jan082018

Mountain View Apartments

Mountain View Apartments is a 109-unit existing multifamily 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 44 one and two-story apartment buildings and three community buildings on 17.94 acres of land.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $4,500,000 at a fixed interest rate and a 40-year term.  Equity of approximately $4,828,242 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.  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

Monday
Jan082018

Woods at Victoria Park 

Woods at Victoria Park is an existing 48-unit affordable elderly apartment community located in Woodbridge, Virginia.  The community consists of a single four-story elevator-served building with a lounge and community room.  The project serves seniors with incomes at or below 40% and 50% of area median income (AMI).  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $3,845,000 with a 35-year term at a fixed interest rate.

Monday
Jan082018

Mezzo Apartments

Mezzo Apartments is a 282-unit new construction market rate multifamily community located in Virginia Beach, Virginia.  The property is 16.12 acres and will consist of 10, three-story walkup apartment buildings and a separate clubhouse.  The community will feature a resort style pool, bathhouse, playground, fitness center, community room, and business center.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $43,460,800 at a fixed interest rate with a 40-year term.

Saturday
Nov182017

SLX -Atlanta 

SLX-Atlanta is a 306-unit new construction market rate multifamily community located in Chamblee, Georgia.  SLX-Atlanta is located on a 3.857 acre parcel and will consist of a single, 7-story, elevator-served apartment building with a concrete parking deck wrapped on the interior.  The project also features an infinity edge saline pool, fitness center, spa, dog park, and on-site leasing and management space.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $74,999,900 at a fixed interest rate with a 40-year term.

Saturday
Nov182017

Kenyon Street Apartments 

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.

Saturday
Nov182017

Almeda Park Apartments 

Almeda Park Apartments is an existing 196-unit affordable multifamily community located in Houston, Texas.  The project is located on a 12.9 acre property and consists of 49 two-story buildings and a separate community/leasing building.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $12,549,200 with a 35-year term at a fixed interest rate.

Saturday
Nov182017

Woodfall Greens Apartments 

Woodfall Greens Apartments is a 230-unit new construction market rate multifamily community located in Brooklyn Park, Maryland.  Woodfall Greens Apartments will consist of five, four-story, elevator-served apartment buildings, outdoor pool, and fitness center on a 6.875-acre parcel.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $35,719,900 at a fixed interest rate with a 40-year term.

Saturday
Nov182017

River House

River House Apartments is an existing 194-unit market rate multi-family apartment community located in Norfolk, VA.  The property was originally built in 2009 and consists of five separate four-story elevator-serviced buildings, swimming pool, and fitness center on 7.51 acres of land.  AGM obtained a HUD insured mortgage of $33,126,500 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.

Saturday
Sep162017

New Hill Place Apartments 

New Hill Place Apartments is a 288-unit new construction market rate multifamily community located in Holly Springs, North Carolina.  New Hill Place Apartments will consist of 12 three-story walk-up garden apartment buildings, one community building, detached garages and storage units.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $42,339,600 at a fixed interest rate with a 40-year term.

Saturday
Sep162017

Warwick Apartments 

Warwick Apartments is an 80-unit new construction affordable multifamily community located in Baltimore, Maryland.  The project will contain 90% affordable units with eight market rate units and 12 project-based section 811 units.  Warwick Apartments will consist of one, four-story elevator-serviced building with covered parking.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $5,700,000 at a fixed interest rate with a 40-year term.  Equity of approximately $14,395,200 was provided through the sale of 9% low income housing tax credits (LIHTC).  Additional sources include a $1,045,000 loan from the State of Maryland’s Rental Housing Funds.

Saturday
Sep162017

St. Paul’s Apartments 

St. Paul’s Apartments is a 126-unit new construction affordable multifamily community located in Norfolk, Virginia.  St. Paul’s Apartments will consist of seven, three-story walkup buildings and a separate clubhouse with a swimming pool.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $8,700,000 at a fixed interest rate with a 40-year term.  Equity of approximately $12,598,742 was provided through the sale of 9% low income housing tax credits (LIHTC).

Saturday
Sep162017

Bethel Gardens 

Bethel Gardens is an existing 94-unit family affordable rental property located in Hagerstown, Maryland.  The property consists of 11, two and three-story garden and townhouse buildings on 2.99 acres of land.  All of the units at Bethel Gardens are affordable with 89 units eligible to receive project based Section 8.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $6,217,400 at a fixed interest rate and a 40-year term.  Equity of approximately $5,302,536 was provided through the sale of 4% low-income housing tax credits (LIHTC).  An additional $4,974,178 in equity was provided from a seller take-back note as well as $866,000 in Rental Housing Works funds.  Project sources allowed for approximately $66,000 per unit in renovations.

Saturday
Sep162017

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.

Saturday
Sep162017

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.

Saturday
Aug122017

McCulloh Homes

 

McCulloh Homes is a 350-unit existing elderly and non-elderly disabled rental property 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 $29,833,000 at a fixed interest rate and a 40-year term. 

Equity of approximately $25,846,350 was provided through the sale of 4% low-income housing tax credits (LIHTC).  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

Saturday
Jul152017

Westminster House

Westminster House Apartments is an existing 282-unit affordable rental property for elderly and non-elderly disabled tenants in Baltimore City, Maryland.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $19,500,000 at a fixed interest rate and a 40-year term.  The financing of the project involved the prepayment of an existing HUD Section 202 loan.  The units consist of a combination of project-based Section 8, and affordable units which are eligible to receive tenant protection vouchers.  Equity of approximately $13,420,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).  An additional $12,747,753 in equity was provided from a seller take-back note.