Properties Financed by AGM

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.

Saturday
Jul152017

Ebbetts Plaza 

Ebbetts Plaza is an existing 90-unit affordable multifamily community located in Virginia Beach, Virginia.  The project consists of 13 two-story townhouse style buildings and a separate leasing office.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $3,125,000 with a 35-year term at a fixed interest rate.

Saturday
Jun172017

Belnor Senior Residences 

Belnor Senior Residences is a 122-unit new construction affordable senior community located in Suitland, Maryland.  The project will serve senior residents (age 62+ head of household) and will consist of one, four-story elevator-serviced building situated on a 4.72 acre site.  The units will be restricted to tenants earning incomes below 50% and 60% of average median income (AMI).  Using HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $13,883,000 at a fixed interest rate with a 40-year term.  Equity of approximately $8,368,563 was provided through the sale of 4% low income housing tax credits (LIHTC).  Additional sources include a $2,500,000 Rental Housing Works loan provided from Maryland CDA, $1,160,000 from the Federal Home Loan Bank, and $750,000 in DHCD Prince George’s County HOME funds. 

Saturday
Jun172017

Tidwell Estates

Tidwell Estates is an existing 132-unit affordable multifamily community located in Houston, Texas.  The project consists of garden and townhouse style buildings and a separate community/leasing building.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $6,587,400 with a 35-year term at a fixed interest rate.

Saturday
Jun032017

Dayton Park Apartments 


Dayton Park Apartments is an existing 174-unit affordable multi-family community located in Dayton, Texas.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $7,200,000 with a 35-year term at a fixed interest rate. 

 

Saturday
Jun032017

Haven Apartments 

Haven Apartments is an existing 244-unit market rate family apartment development located in Virginia Beach, Virginia.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $30,400,000 with a 35-year term at a fixed interest rate.  The refinance included the addition of a fitness center, pool house, a renovated leasing office, and the renovation of residential units.

 

Saturday
Jun032017

Glen Arbor Apartments 

Glen Arbor Apartments is an existing 209-unit family apartment community located in Woodbridge, Virginia.  Formerly market rate, the project converted 100% of its units to affordable.  All units are now restricted to tenants with incomes at 60% of average median income (AMI) or below.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $31,755,000 with a 35-year term at a fixed interest rate.  Equity of approximately $10,218,729 was provided through the sale of 4% low-income housing tax credits (LIHTC).

Saturday
Jun032017

Merritt Station Apartments 

Merritt Station Apartments is a 72-unit new construction affordable multi-family community located in Dundalk, Maryland. The project consists of two, four-story elevator-serviced buildings situated on a 4.47 acre site.  Using HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $6,875,400 at a fixed interest rate with a 40-year term. Equity of approximately $15,373,463 was provided through the sale of 9% low income housing tax credits (LIHTC).

Saturday
Jun032017

The Commons at Princess Anne 

The Commons at Princess Anne Apartments is an existing 186-unit affordable elderly apartment community located in Virginia Beach, Virginia.  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. 

Saturday
Apr152017

Ellerslie Apartments

Ellerslie Apartments is a 117-unit existing rental property for elderly and non-elderly disabled tenants 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 $10,800,000 at a fixed interest rate and a 40-year term.  Equity of approximately $8,614,421 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
Apr152017

Cedar Grove

Cedar Grove Apartments is an existing 248-unit market rate family apartment development located in Charleston, South Carolina.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $23,120,000 with a 35-year term at a fixed interest rate. 

Saturday
Apr152017

Cherry Grove

Cherry Grove Apartments is an existing 76-unit affordable family apartment development located in Altoona, Pennsylvania.  The property consists of seven, two-story apartment structures, a single-story community building, and a maintenance building.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $6,041,000 with a 40-year at a fixed interest rate.  Equity of approximately $3,732,529 was provided through the sale of 4% low-income housing tax credits (LIHTC).

Saturday
Mar112017

Summer Ridge Apartments 

Summer Ridge Apartments is an existing 276-unit affordable community located in Landover, Prince George’s County, MD.  In 2001, the property was substantially rehabilitated under HUD’s 221(d)(4) program.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $22,400,000 with a 35-year term at a fixed interest rate.

Saturday
Mar112017

Golden Ring

Golden Ring is an existing 153-unit affordable elderly community located in Essex, MD.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $6,301,400 with a 35-year term at a fixed interest rate.  Maryland DHCD issued tax-exempt bonds in the amount of $10,000,000. Equity of approximately $5,513,000 was provided through the sale of 4% low income housing tax credits and a Rental Housing Works loan of $1,950,000 was provided from Maryland CDA.  Project sources allowed for approximately $30,000 per unit in renovations.

Saturday
Mar042017

Beall’s Grant Apartments

Beall’s Grant Apartments is a 74-unit existing community located in Rockville, MD. The project consists of two, three-story buildings situated on a 2.22 acre site. Utilizing HUD's Section 221(d)(4) program for substantial rehabilitation, AGM successfully obtained a HUD insured mortgage of $7,183,800 at a fixed interest rate and a 40-year term. Equity of approximately $4,085,535 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include $511,336 in Maryland Department of Housing & Community Development (DHCD) funds

Saturday
Mar042017

The View at Mill Run

The View at Mill Run is a 375 unit existing multi-family apartment community located in Owings Mills, MD. The property was originally financed by AGM under the section 221(d)(4) New Construction program in 2010. AGM obtained a HUD insured mortgage of $55,331,700 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 back to the original term of 40 years.

Saturday
Jan282017

Chase House 

Chase House is a 189-unit existing rental property for elderly and non-elderly disabled tenants 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 $11,970,000 at a fixed interest rate and a 40-year term.  Equity of approximately $11,817,230 was provided through the sale of 4% low-income housing tax credits (LIHTC).  $1,182,886 in Rental Housing Works was provided by the state of Maryland.  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

Saturday
Jan282017

McCulloh Homes

McCulloh Homes is a 350-unit existing rental property for elderly and non-elderly disabled tenants 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
Jan282017

Key’s Pointe Phase 1B 

Key’s Pointe Phase 1B is a 68-unit affordable-housing project located in Baltimore City, MD.  Key’s Pointe Phase 1B is the second portion of the first phase of Key’s Pointe Residences and consists of 11 buildings.  Using HUD’s 221(d)(4) New Construction Program for insurance advances, AGM obtained a HUD insured mortgage of $5,989,600 at a fixed interest rate with a 40-year term.  Equity of approximately $8,781,400 was provided through the sale of 4% low-income housing tax credits (LIHTC).  A total of $8,144,104 in equity was provided from Rental Housing Works (RHW) and The Housing Authority of Baltimore City (HABC).