Properties Financed by AGM

Tuesday
Jun192012

Beechwood Manor

Beechwood Manor is a one-story, 60-bed assisted living facility in St. Clair Shores, Michigan. Using HUD's 232/223(f) Refinance Program, AGM obtained a HUD-insured mortgage of $4,280,900 with a 35-year term. The complex was completely remodeled three years ago. The HUD financing repaid all outstanding debt including debt incurred for the prior renovations and funded $171,000 for replacement reserves.

Wednesday
May232012

Meadow Lark Manor

Meadow Lark Manor is a 4-story, 74-unit seniors apartment complex in Gardena, Los Angeles County, California. Using HUD's 223(f) Refinance Program for Section 202 Direct Loans, AGM obtained a $4,819,600 HUD-insured mortgage with a 35-year term, through the Los Angeles HUD office. The project includes upgrades costing $866,700 or $11,700 per unit for new windows, new carpeting, new kitchen appliances, and roof repairs. The property has 18 studios and 56 1-BR units with 39 parking spaces.

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