Properties Financed by AGM

Saturday
Oct052019

Marshall Gardens 

Marshall Gardens is a combined new construction and substantial rehabilitation apartment community which will provide 87 mixed income housing units to the Upton neighborhood of Baltimore City, Maryland.  The community’s units are spread throughout three city blocks totaling 3.06 acres which includes five existing row homes undergoing gut rehabilitation, a newly constructed three-story multifamily building with 27 units, and 55 newly constructed row house style units.  The units will be restricted to households earning up to 30%, 40%, and 50% of area median income (AMI) with an additional nine market rate units.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $11,990,000 at a fixed interest rate and a 40-year term.  Equity of approximately $13,773,000 was provided through the sale of 9% low-income housing tax credits (LIHTC).  Additional sources include $2,000,000 in Rental Housing Funds and $1,200,000 in Project C.O.R.E. funds from Maryland Department of Community Development (CDA), and a Federal Home Loan Bank AHP loan in the amount of $870,000.

 

Saturday
Oct052019

Delamarre Apartments

Delamarre Apartments is a 379-unit new construction market rate multifamily project located in Celebration, Florida.  Located on 11.9 acres of land, the project will consist of four, four-story elevator-serviced buildings and a freestanding two-story clubhouse building.  The units will have luxury Class A finishes including granite countertops, stainless steel appliances, and walk-in closets.  Residents will have access to an extensive amenity package including an outdoor swimming pool with sundeck and cabanas, community/party room with catering kitchen, business center, fitness club with yoga and spin studio, game room, pet grooming room, storage units, fire pit, grilling stations, bicycle storage, and bocce court.  In addition, there will be an observation deck for viewing fireworks displays at Disney’s nearby Magic Kingdom.  A total of 531 surface parking spaces and an additional 97 garage spaces will be available for residents and visitors.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $73,487,800 at a fixed interest rate with a 40-year term.

Saturday
Oct052019

Hunter’s Glen Apartments 

Hunter’s Glen Apartments is an existing 100-unit multifamily community located in Clemson, South Carolina.  Located on 11.19 acres of land, the project consists of 10 garden apartment buildings and a community building/leasing office.  The community has one-bedroom, two-bedroom, and three-bedroom units.  Twenty of the property’s units are covered under a Section 8 HAP contract and are restricted to lower income families.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $5,440,000 with a 35-year term at a fixed interest rate.

Saturday
Oct052019

Camellia Commons

Camellia Commons is a 176-unit new construction market rate multifamily project located in Enterprise, Alabama.  Located on 10.0 acres of land along Boll Weevil Circle, the project will consist of eight, three-story garden style apartment buildings and an additional freestanding clubhouse with surface parking.  The clubhouse will feature a fitness center, resort style pool, outdoor kitchen with a fireplace, a picnic area, dog park, and playground.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $18,336,400 at a fixed interest rate with a 40-year term.

 

Saturday
Oct052019

Dino Papavero Senior Centre 

Dino Papavero Senior Centre is an existing 150-unit affordable senior rental property in Fontana, California.  The project is located on 3.78 acres of land and consists of one, eight-story elevator serviced building with surface/covered parking.  All of the property’s units are rent restricted based on a long-term Section 8 HAP contract.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $8,900,000 at a fixed interest rate and a 40-year term.  Equity of approximately $10,246,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).

Saturday
Aug032019

Glenmont Metrocenter Apartments

Glenmont Metrocenter Apartments is a 254-unit new construction market rate multifamily project located in the Glenmont area of Silver Spring, Maryland.  Located on 3.4 acres of land adjacent to the Washington D.C. Metro Glenmont station, the project will consist of one, four-story elevator-serviced building with structured parking and two courtyard areas.  The community will include high-end unit finishes, a swimming pool, barbeque area, business center, fitness facility, movie room, and bicycle lockers.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $57,488,000 at a fixed interest rate with a 40-year term.

Saturday
Jul202019

Coastal 61 at Oxford Village

Coastal 61 at Oxford Village is a 244-unit new construction market rate multifamily development. The site is located within an Opportunity Zone in Virginia Beach, Virginia and is directly adjacent to Virginia Wesleyan University.  The project will consist of three-story walkup and four-story elevator-serviced buildings with surface parking.  The community will have high-end unit finishes and include a two-story clubhouse with resort-style pool, playground, fitness center, clubroom, business center, game room, rooftop deck, and grilling stations.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $37,825,400 at a fixed interest rate with a 40-year term.

Tuesday
May282019

Brent Place 

Brent Place is an existing 207-unit affordable multifamily community located in Alexandria, Virginia.  Located on 3.85 acres of land, the project consists of one 14-story elevator-serviced apartment building, two outdoor swimming pools, and children’s playground.  The community has one-bedroom, two-bedroom, and three-bedroom units restricted to households 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 $15,950,600 with a 35-year term at a fixed interest rate.

Tuesday
May282019

Cherrydale Place 

Cherrydale Place is an existing 186-unit affordable multifamily community located in Baltimore, Maryland.  Located on 17.67 acres of land, the project consists of 18 three-story garden style buildings.  The community has studio, one-bedroom, two-bedroom, and three-bedroom units restricted to households earning at or below 50% of area median income (AMI).  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $4,876,300 with a 35-year term at a fixed interest rate.

 

Sunday
Apr142019

Cypresswood Estates 

Cypresswood Estates is an existing 88-unit mixed-income multifamily community located in Houston, Texas.  Located on 9.97 acres of land, the community caters to elderly residents age 55 and older.  The project consists of 11 residential buildings including two, three-story elevator-serviced buildings, and nine villa-style structures.  In addition, there are individual rental garages and a leasing office containing a community room, pool access, and fitness center.  Of the 88 units, eight are restricted to households earning at or below 30% of area median income (AMI), 16 units are restricted to 50% AMI, 44 units are restricted at 60% of AMI, and the remaining 20 units are workforce and market rate.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $4,630,000 with a 35-year term at a fixed interest rate.

Sunday
Apr142019

Westminster Portfolio 

AGM recently closed a portfolio of 11 properties located across North Carolina and South Carolina.  The properties range in size from 63 and 156 units and are largely garden-style walk-up apartments with Section 8 contracts.  Using HUD's Section 223(f) refinance program, AGM obtained HUD-insured mortgages for each property with total proceeds exceeding $30,000,000 for the portfolio.  Each mortgage is non-recourse and fully amortizing at a fixed interest rate. 

Sunday
Apr142019

Glenmont Metrocenter Apartments

Glenmont Metrocenter Apartments is a 254-unit new construction market rate multifamily project located in the Glenmont area of Silver Spring, Maryland.  Located on 3.4 acres of land adjacent to the Washington D.C. Metro Glenmont station, the project will consist of one, four-story elevator-serviced building with structured parking and two courtyard areas.  The community will include high-end unit finishes, a swimming pool, barbeque area, business center, fitness facility, movie room, and bicycle lockers.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $57,488,000 at a fixed interest rate with a 40-year term.

Sunday
Apr142019

Fountains at Tidwell 

Fountains at Tidwell is an existing 188-unit mixed-income multifamily community located in Houston, Texas.  Located on 17 acres of land, the project consists of 47 one and two-story garden style buildings, detached garages, swimming pool, and a community/leasing building.  Of the 188 units, 11 are restricted to households earning at or below 30% of area median income (AMI), 61 units are restricted to 50% AMI, 69 are restricted at 60% of AMI, and the remaining 47 units are market rate.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $10,600,000 with a 35-year term at a fixed interest rate.

 

Sunday
Apr142019

Brookhill Apartments 

Brookhill Apartments is a 316-unit new construction market rate multifamily community located in Charlottesville, Virginia.  Located on 19.05 acres of land, the project will consist of two, four-story elevator-serviced buildings, seven three-story walkup buildings, and a separate clubhouse.  The community will be the first phase of a larger multi-use development consisting of 277 acres with 800 to 1,550 residential units, a 130,000 square foot Town Center, parks, and an elementary school.  Brookhill Apartments will encompass high quality finishes and a generous amenity package including a resident lounge, cybercafé, billiards area, state of the art fitness facility, yoga studio, swimming pool, outdoor grilling station, and fire pit.  Utilizing HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $58,881,000 at a fixed interest rate with a 40-year term.

 

Sunday
Apr142019

Glen Forest Senior Apartment Homes 

Glen Forest Senior Apartment Homes is an existing 100-unit mixed-income age-restricted apartment community located in Glen Burnie, Maryland.  Tenancy is restricted to households headed by an individual aged 62 years or older.  The project is located on 4.56 acres of land and consists of one, four-story elevator-serviced building.  The community offers units 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 $6,069,500 with a 35-year term at a fixed interest rate.

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.

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.