Properties Financed by AGM

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.

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).