Properties Financed by AGM

Tuesday
Jun192012

Oakton Apartments

Oakton is a 390-unit market rate family property in Adelphi, Maryland. Using HUD's Section 221d4 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $37,273,000 with a 40-year term with a three-year lock-out period. Total project costs are approximately $117,000 per unit which include $32,300 per unit in construction costs. The project involves new HVAC, kitchens, baths, upgraded electrical service, energy-saving light fixtures, card-access entry systems, and co-axial cable. The project includes 104 one-bedroom, 228 two-bedroom, 107 three-bedroom units. Oakton Apartments is part of a three-property campus known as Hampton on the Park which includes Oakton Terrace and Park Hampshire Apartments.

Tuesday
Jun192012

Park Hampshire

Park Hampshire is a 229-unit market rate family property in Adelphi, Maryland. Using HUD's Section 221d4 Substantial Rehabilitation program, AGM obtained a HUD-insured mortgage of $20,142,000 with a 40-year term with a three-year lock-out period. Total project costs are approximately $122,000 per unit which include $32,300 per unit in construction costs. The project involves new HVAC, kitchens, baths, upgraded electrical service, energy-saving light fixtures, card-access entry systems, and co-axial cable. The project includes 5 studios, 88 one-bedroom, 134 two-bedroom, 2 three-bedroom units. Park Hampshire is part of a three-property campus known as Hampton on the Park which includes Oakton Terrace and Oakton Apartments.

Tuesday
Jun192012

Victoria Park at Sassafras Meadow

Victoria Park at Sassafras Meadow is a new three story 80-unit develpment for the elderly to be built in Salisbury, Maryland. Using HUD's Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $1,850,000 with a 40-year term. The loan will be funded pursuant to HUD's program for insurance upon completion. Total project costs are approximately $162,500 per unit. Additional funds were provided through the sale of tax credits. The project includes 33 one-bedrooms units and 47 two-bedrooms units with 80 parking spaces and two elevators.

Tuesday
Jun192012

Park View at Emerson

Park View at Emerson is a new 80-unit elderly rental apartment community to be built in the Laurel area of Howard County, Maryland. Using HUD's Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $2,138,800 with a 40-year term. The loan will be funded pursuant to HUD's program for insurance upon completion. Total project costs are approximately $143,000 per unit. Howard County leased the land to the borrower and provided a PILOT. Additional funds were provided through the sale of tax credits and a DHCD second mortgage. The four story, elevator served project includes 58 one-bedrooms units and 22 two-bedrooms units as well as extensive common areas.

Tuesday
Jun192012

Orchard Ridge

Orchard Ridge is the first phase of a planned unit development in eastern Baltimore City, Maryland, on the site of the former Freedom Village and Claremont Homes. Phase I is a 100-unit family property. Using HUD's Section 221(d) New Construction program, AGM obtained a HUD-insured mortgage of $3,500,000 with a 40-year term. The loan will be funded pursuant to HUD's program for insurance upon completion. SunTrust Bank will provide the construction loan. Total project costs are approximately $194,000 per unit. Additional funds were provided through the sale of tax credits, $3,000,000 in Partnership Rental Housing funds from the State of Maryland, $3,200,000 in Up-Front Grant funds from HUD through Baltimore City, and $2,400,000 in HOME funds also from the city. The project includes 20 one-bedroom, and 48 two-bedroom, 30 three-bedroom, and 2 four-bedroom units.

Tuesday
Jun192012

Victoria Park at Walkersville

Victoria Park at Walkersville is an 80-unit elderly property to be built in Frederick County, Maryland. Using HUD's Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $5,350,000 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 $162,800 per unit. Additional funds were provided through the sale of tax credits and $1,500,000 in elderly housing funds from the State of Maryland. The project includes 12 one-bedroom and 62 two-bedroom units.

Tuesday
Jun192012

La Maison Acadienne

La Maison Acadienne is a 3-story, 62-unit seniors apartment complex in Madawaska, Maine. Using HUD's 223(f) Refinance Program for Section 202 Direct Loans, AGM obtained a $3,456,600 HUD-insured mortgage with a 35-year term, through the Manchester HUD office. The project includes upgrades costing $889,745 or $14,350 per unit for new windows, new carpeting, new kitchen appliances, and roof repairs. The property has 59 one-bedroom and 3 two-bedroom units.

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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