Properties Financed by AGM

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.

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).