Properties Financed by AGM

Tuesday
Jun192012

Coleman Manor

Coleman Manor is a 50-unit elderly property in Baltimore, Maryland. Using HUD's Section 221(d) Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $1,126,400 with a 40-year term plus the construction period. The mortgage was funded through the sale of tax-exempt bonds issued by the State of Maryland. Additional funds were contributed through the sale of tax credits, the State's second loan program, and HOME dollars from Baltimore City. The new owner will spend $19,600 per unit to upgrade the property.

Tuesday
Jun192012

Holly Lane

Holly Lane is a 170-unit family garden property in Baltimore, Maryland. Using HUD's Section 221(d) Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $10,648,600 with a 40-year term plus the construction period. The mortgage was funded through the sale of tax-exempt bonds issued by the State of Maryland. Additional funds were contributed through the sale of tax credits and HOME dollars from Baltimore City. The new owner will spend $29,200 per unit to upgrade the property and make more units mobility accessible.

Tuesday
Jun192012

Walker Landing

Walker Landing is a 155-unit family garden property in Elizabeth City, North Carolina. Using HUD's Section 221(d) Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $6,000,000 with a 40-year term plus the construction period. The mortgage was funded through the sale of tax-exempt bonds issued by the State of North Carolina through Elizabeth City. The new owner will spend $23,600 per unit to replace windows, roofs, HVAC, kitchens, and baths.

Tuesday
Jun192012

Hunting Creek

Hunting Creek is a 70-unit family property to be built in Lexington Park, Maryland. Using HUD's Section 221(d) New Construction program, AGM obtained a HUD-insured mortgage of $4,237,000 with a 40-year term. The loan will be funded pursuant to HUD's program for insurance upon completion. BB&T will provide the construction loan. Total project costs are approximately $185,000 per unit. Additional funds were provided through the sale of tax credits. The project includes 6 one-bedroom, 36 two-bedroom, and 28 three-bedroom apartments.

Tuesday
Jun192012

Rooney Apartments

Rooney Apartments is a 150-unit senior high-rise property in Bethlehem, Pennsylvania. The property includes 8,000 square feet of commercial space. Using HUD's Section 231 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $5,088,100 with a 40-year term plus the construction period. The Pennsylvania Housing Finance Authority (PHFA) contributed $1,500,000 in PennHomes funds. PHFA awarded tax credits which generated $7,800,000. The project involves acquisition and $30,800 per unit in repairs to replace windows, roof, kitchen cabinets, dishwashers, lights, and carpets. New through-wall air conditioning units and two sun rooms will be added. The project includes 42 efficiencies, 105 one-bedrooms, and 3 two-bedrooms.

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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