Properties Financed by AGM

Saturday
Jan262019

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.

Wednesday
Jan232019

2019 Posting Title Here

2019 Posting Information here

Monday
Dec242018

Willow Manor at Fairland 

Willow Manor at Fairland is a 121-unit new construction mixed-income senior community located in Silver Spring, Maryland.  The residency will be restricted to tenants aged 62 years or older.  Of the 121 units, six will be restricted at 30% of AMI, six units restricted at 50% of AMI, 48 restricted at 60% of AMI, and the remaining 61 units will be market rate.  The project is located on 2.07 acres of land and will consist of one, three-story elevator-serviced building.  Utilizing HUD's Section 231 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $16,613,200 at a fixed interest rate with a 40-year term.  Equity of approximately $3,089,361 was provided through the sale of 4% low income housing tax credits (LIHTC).  Additional sources include a combined loan of $2,500,000 loan from the State of Maryland’s Rental Housing Works (RHW) and Rental Housing Program (RHP) funds and a $595,000 contribution from Montgomery County, DHCD.

Monday
Dec242018

Riverbend Apartments

Riverbend Apartments is a 130-unit new construction affordable multifamily community located in Gloucester, Virginia. Of the 130 units, 13 will be restricted at 40% of AMI covered by a project-based voucher contract, 52 will be restricted at 50% of AMI, and 65 will be restricted at 60% of AMI.  The property is located on 16.25 acres of land and will consist of six, three-story, garden apartment buildings, a 4,825 SF clubhouse and a separate maintenance building.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $9,000,000 at a fixed interest rate with a 40-year term.  Equity of approximately $16,275,472 was provided through the sale of 9% low income housing tax credits (LIHTC).

Monday
Dec242018

The View at Mill Run II 

The View at Mill Run II is a 157-unit new construction market rate multifamily project located in Owings Mills, Maryland.  Located on 9.66 acres of land, the project will consist of nine, three-story garden apartment buildings and a separate two-story community building.  The units will have high quality finishes and an extensive amenity package including a fitness center, game room, and community room.  Residents will also have access to amenities at the adjoining first phase, The View at Mill Run I, including a swimming pool, playground, and walking paths.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $28,574,200 at a fixed interest rate with a 40-year term.

Saturday
Oct202018

Orchard Park at Ballenger Run 

Orchard Park at Ballenger Run is a 210-unit new construction mixed-income multifamily community located in Frederick, Maryland.  The project will contain affordable units restricted to residents earning 50% and 60% of area median income (AMI) as well as 11 Section 811 units.  The project is located on 14.64 acres of land and will consist of four, four-story elevator-serviced apartment buildings, a community building, outdoor swimming pool, and surface parking.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $30,607,000 at a fixed interest rate with a 40-year term.  Equity of approximately $10,170,000 was provided through the sale of 4% low income housing tax credits (LIHTC).  Additional sources include a $1,275,000 loan from the State of Maryland’s Rental Housing Funds and a $1,000,000 loan from Frederick County.

Saturday
Oct132018

Monument East

Monument East Apartments is an existing 170-unit rental property for elderly and non-elderly disabled tenants located in Baltimore City, Maryland.  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 $12,110,000 at a fixed interest rate and a 40-year term.  Equity of approximately $15,025,794 was provided through the sale of 4% low-income housing tax credits (LIHTC).  Additional sources from Maryland Department of Community Development (CDA) included a $2,500,000 Rental Housing Works (RHW) loan and a $3,000,000 Partnership Rental Housing Works (PRHP) loan.  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

Saturday
Oct132018

Snowden Creek 

Snowden Creek is a 109-unit new construction market rate senior community located in Sykesville, Maryland.  The residency will be restricted to tenants aged 62 years or older.  The property is located on 15.64 acres of land and will consist of a three-story elevator-served building with approximately 5,300 square feet of amenity space and surface parking.  Utilizing HUD's Section 231 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $21,350,400 at a fixed interest rate with a 40-year term.

Saturday
Oct132018

Rock Spring Station

Rock Spring Station is a 54-unit new construction affordable multifamily community located in Forest Hill, Maryland.  Of the 54 units, 6 will be restricted at 30% of AMI, 36 will be restricted at 50% of AMI, 6 will be restricted at 60% of AMI, and the remaining 6 units will be market rate. The property is located on 5.39 acres of land and will consist of a three story, elevator-served building with surface parking and approximately 13,000 square feet of ground floor retail space.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $4,800,000 at a fixed interest rate with a 40-year term.  Equity of approximately $13,923,099 was provided through the sale of 9% low-income housing tax credits (LIHTC).  Additional sources include a $1,325,000 loan from the State of Maryland’s Rental Housing Funds and a $200,000 loan from Harford County.

Saturday
Oct132018

The Woodberry 

The Woodberry is a 284-unit new construction market rate multifamily project located in Baltimore, Maryland.  Located on 6.75 acres of land, the project will consist of one, six-story elevator-served residential apartment building with structured parking and include approximately 7,300 square feet of ground floor retail space.  The Woodberry’s units will have high quality finishes and an extensive amenity package including a swimming pool, bike storage room, dog wash, fire pit/grill area, business center, theater room, clubroom with kitchen, fitness center, yoga area, and a roof top deck.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $64,503,200 at a fixed interest rate with a 40-year term.

Saturday
Aug112018

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
May262018

Chatham Village Apartments

Chatham Village Apartments is an existing 94-unit mixed-income family apartment community located in Easton, Maryland.  The project is located on 11.19 acres of land and consists of 17 one-story apartment buildings and a separate clubhouse building.  The units at Chatham Village Apartments consist of market rate rentals as well as units restricted to tenants earning at or below Fair Market Rent (FMR), as well as tenants 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 $7,218,000 with a 35-year term at a fixed interest rate.

Saturday
May262018

One Cardinal Way 

One Cardinal Way is a 297-unit new construction market rate multifamily project located in St. Louis, Missouri.  Located on 1.03 acres of land, the project will consist of one, 29-story residential apartment building and include approximately 10,000 square feet of retail space.  One Cardinal Way will encompass high quality finishes and an amenity package including on-site leasing, outdoor pool, party deck with views of Busch Stadium, and amenity integration with the St. Louis Cardinals Baseball brand.  Utilizing HUD's Section 220 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $85,000,000 at a fixed interest rate with a 40-year term.  Additional sources included a $35,000,000 subsidy from the City of St. Louis.

Saturday
May262018

Adams Crossing Apartments Phase 3 

Adams Crossing Apartments Phase 3 is a 48-unit new construction affordable multifamily community located in Waldorf, Maryland.  The project will contain all affordable units restricted to tenants earning at or below 60% of area median income (AMI).  The project will consist of two, three-story residential apartment buildings.  The project will have a shared facility agreement with Adams Crossing Phase 1 and Phase 2 for the leasing office, clubhouse, and swimming pool.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $8,505,000 at a fixed interest rate with a 40-year term.  Equity of approximately $2,639,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).

Saturday
May262018

The Vinings at Christiana

The Vinings at Christiana is an existing 220-unit mixed-income multifamily apartment community located in Newark, Delaware.  The project is located on 15.38 acres of land and consists of ten, two and three-story garden apartment buildings and a separate clubhouse building which includes a fitness center and community room.  The units at The Vinings at Christiana consist of market rate rentals as well as units restricted to tenants 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 $14,000,000 with a 35-year term at a fixed interest rate.

Saturday
May262018

Patuxent Crossing Apartments 

Patuxent Crossing Apartments is an existing 102-unit family mixed-income rental property in Lexington Park, Maryland.  The project is located on 4.6 acres of land and consists of six, three-story garden apartment buildings and one separate clubhouse/leasing office.  The units at the property consist of market rate units as well as units restricted to tenants earning at or below 30%, 50%, and 60% of area median income (AMI).  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $6,825,000 at a fixed interest rate and a 40-year term.  Equity of approximately $13,787,432 was provided through the sale of 9% low-income housing tax credits (LIHTC).   Additional sources include a $2,000,000 Rental Housing Program (RHP) loan from Maryland CDA.

Saturday
May262018

Sterling Green Village Apartment Homes

Sterling Green Village Apartment Homes is an existing 150-unit affordable multifamily apartment community located in Channelview, Texas.  The project is located on 16.34 acres of land and consists of 150 one and two-story buildings and a separate clubhouse building.  All of the units are restricted to tenants 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 $13,248,000 with a 35-year term at a fixed interest rate.

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.