Properties Financed by AGM

Saturday
Apr152017

Ellerslie Apartments

Ellerslie Apartments is a 117-unit existing rental property for elderly and non-elderly disabled tenants 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 $10,800,000 at a fixed interest rate and a 40-year term.  Equity of approximately $8,614,421 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
Apr152017

Cedar Grove

Cedar Grove Apartments is an existing 248-unit market rate family apartment development located in Charleston, South Carolina.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $23,120,000 with a 35-year term at a fixed interest rate. 

Saturday
Apr152017

Cherry Grove

Cherry Grove Apartments is an existing 76-unit affordable family apartment development located in Altoona, Pennsylvania.  The property consists of seven, two-story apartment structures, a single-story community building, and a maintenance building.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $6,041,000 with a 40-year at a fixed interest rate.  Equity of approximately $3,732,529 was provided through the sale of 4% low-income housing tax credits (LIHTC).

Saturday
Mar112017

Summer Ridge Apartments 

Summer Ridge Apartments is an existing 276-unit affordable community located in Landover, Prince George’s County, MD.  In 2001, the property was substantially rehabilitated under HUD’s 221(d)(4) program.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $22,400,000 with a 35-year term at a fixed interest rate.

Saturday
Mar112017

Golden Ring

Golden Ring is an existing 153-unit affordable elderly community located in Essex, MD.  Utilizing HUD's Section 223(f) refinance program, AGM obtained a HUD-insured mortgage of $6,301,400 with a 35-year term at a fixed interest rate.  Maryland DHCD issued tax-exempt bonds in the amount of $10,000,000. Equity of approximately $5,513,000 was provided through the sale of 4% low income housing tax credits and a Rental Housing Works loan of $1,950,000 was provided from Maryland CDA.  Project sources allowed for approximately $30,000 per unit in renovations.

Saturday
Mar042017

Beall’s Grant Apartments

Beall’s Grant Apartments is a 74-unit existing community located in Rockville, MD. The project consists of two, three-story buildings situated on a 2.22 acre site. Utilizing HUD's Section 221(d)(4) program for substantial rehabilitation, AGM successfully obtained a HUD insured mortgage of $7,183,800 at a fixed interest rate and a 40-year term. Equity of approximately $4,085,535 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include $511,336 in Maryland Department of Housing & Community Development (DHCD) funds

Saturday
Mar042017

The View at Mill Run

The View at Mill Run is a 375 unit existing multi-family apartment community located in Owings Mills, MD. The property was originally financed by AGM under the section 221(d)(4) New Construction program in 2010. AGM obtained a HUD insured mortgage of $55,331,700 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
Jan282017

Chase House 

Chase House is a 189-unit existing rental property for elderly and non-elderly disabled tenants 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 $11,970,000 at a fixed interest rate and a 40-year term.  Equity of approximately $11,817,230 was provided through the sale of 4% low-income housing tax credits (LIHTC).  $1,182,886 in Rental Housing Works was provided by the state of Maryland.  Site control was achieved through an upfront payment on a ground lease evidenced by a note.

Saturday
Jan282017

Key’s Pointe Phase 1B 

Key’s Pointe Phase 1B is a 68-unit affordable-housing project located in Baltimore City, MD.  Key’s Pointe Phase 1B is the second portion of the first phase of Key’s Pointe Residences and consists of 11 buildings.  Using HUD’s 221(d)(4) New Construction Program for insurance advances, AGM obtained a HUD insured mortgage of $5,989,600 at a fixed interest rate with a 40-year term.  Equity of approximately $8,781,400 was provided through the sale of 4% low-income housing tax credits (LIHTC).  A total of $8,144,104 in equity was provided from Rental Housing Works (RHW) and The Housing Authority of Baltimore City (HABC). 

Saturday
Jan282017

Flats170 at Academy Yard

Flats170 at Academy Yard is a 369-unit existing market rate multi-family apartment community located in Odenton, MD.  The property was originally financed by AGM under the Section 221(d)(4) New Construction program in 2012.  AGM obtained a HUD insured mortgage of $70,948,500 under the 223(a)(7) refinance program.  The refinance reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years.   

Saturday
Sep242016

Pleasant View Gardens Senior

Pleasant View Gardens Senior is a 110-unit existing multi-family public housing community 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 on 100% of the units. Utilizing HUD's Section 221d4 program for insurance advances, AGM successfully obtained a HUD insured mortgage of $5,700,000 for the project’s substantial rehabilitation with a fixed interest rate and a 40-year term.

Equity of approximately $5,029,547 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
Sep102016

Adams Crossing II

Adams Crossing II is a 72-unit affordable multi-family new construction community located in Waldorf, Maryland. The first phase of the project (Adams Crossing I) consisted of 192 affordable units. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $11,964,800 at a fixed interest rate with a 40-year term. Maryland's Department of Housing and Community Development (DHCD) issued tax-exempt bonds in the amount of $8,250,000. Equity of approximately $4,292,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).

Saturday
Aug202016

Pleasant View Gardens Townhomes

Pleasant View Gardens Townhomes is a 201-unit existing family public housing community 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 on 100% of the units. Utilizing HUD's Section 221d4 program for insurance advances, AGM successfully obtained a HUD insured mortgage of $11,650,000 for the project’s substantial rehabilitation with a fixed interest rate and a 40-year term.

Equity of approximately $10,732,372 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
Aug202016

Waverley View

Waverley View is a 240-unit affordable multi-family new construction community located in Frederick, Maryland. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $35,500,000 at a fixed interest rate with a 40-year term. Maryland's Department of Housing and Community Development (DHCD) issued tax-exempt bonds in the amount of $24,000,000. Equity of approximately $13,075,000 was provided through the sale of 4% low-income housing tax credits (LIHTC).

Saturday
Jul232016

Edgar C. Blackshear Homes and Fred Wessels Homes

Edgar C. Blackshear Homes and Fred Wessels Homes is a 280-unit existing scattered site rental community located in Savannah, Chatham County, Georgia. The project consists of two separate communities that have been combined into one mortgage. 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 221d4 program for insurance advances, AGM successfully obtained a HUD insured mortgage of $5,000,000 for the project’s substantial rehabilitation with a fixed interest rate and a 40-year term.

Equity of approximately $18,900,000 was provided through the sale of 4% low-income housing tax credits (LIHTC). Site control was achieved with an upfront ground and building lease payment from the partnership to the Housing Authority of Savannah, evidenced by a note.

Saturday
Jul232016

Calvin Mowbray Park and Stephen Camper Park

Calvin Mowbray Park and Stephen Camper Park is a 190-unit existing scattered site rental community located in Cambridge, Dorchester County, Maryland. The project consists of two separate communities that have been combined into one mortgage. 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 221d4 program for insurance advances, AGM successfully obtained a HUD insured mortgage of $12,700,000 for the project’s substantial rehabilitation with a fixed interest rate and a 40-year term.

Equity of approximately $9,975,000 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include a $900,000 EmPower loan from Maryland Department of Housing and Community Development (DCHD). Site control was achieved with an upfront ground and building lease payment from the partnership to the Housing Authority of Cambridge, evidenced by a note.

Saturday
Jul022016

Franklin Square

Franklin Square Apartments is a 356-unit Class A, new construction community located in Rosedale, Maryland. The community features six, 4 ½ story elevator-serviced buildings, two, 3 ½ story walkup buildings, a pool and a clubhouse. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $65,140,200 at a fixed interest rate with a 40-year term.

Saturday
Jun182016

Spartanburg

SHA7 is a 338-unit existing scattered site rental community located in Spartanburg, Spartanburg County, South Carolina. The project consists of seven separate communities that have been combined into one mortgage. 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 221d4 program for insurance advances, AGM successfully obtained a HUD insured mortgage of $10,500,000 for the project’s substantial rehabilitation with a fixed interest rate and a 40-year term.

Equity of approximately $8,875,000 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include approximately $1,000,000 in Operating Reserves loaned to the partnership from Spartanburg Housing Authority (SHA). Site control was achieved with an upfront ground and building lease payment from the partnership to SHA, evidenced by a note.

Saturday
Jun112016

Primrose Place Apartments

Primrose Place Apartments is a 125-unit multifamily rental community located in Baltimore, Maryland. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $6,350,000 with a fixed rate and 40-year term. The property was acquired by the sponsor, and will be substantially renovated and preserved as affordable housing. The sponsor plans to invest approximately $63,200 per unit in rehabilitation costs for the property.  

The project will also be financed with equity from the sale of 4% low-income housing tax credits (LIHTC), Rental Housing Works Funds (RHWF) as well as Consumer Investment Funds (CIF). The Housing Authority of Baltimore City (HABC) will maintain its participation in the tenant selection and oversight of the property and has provided a seller take-back mortgage loan.  

Primrose Place Apartments participated in HUD’s Rental Assistance Demonstration (RAD) program. The property also received a Housing Assistance Payment (HAP) contract to replace the former public housing funds that the HABC received from HUD.  The HAP contract will provide project-based rental assistance (PBRA) to 100% of the units at the property.  Additionally, the low-income housing tax credits include the long-term use restriction on all units pending final income verification.

Saturday
Jun112016

Johnson Village

Johnson Village is a 241-unit Class A, new construction community located in Charlottesville, Virginia. The community features six, 3-story buildings, four, 2-story buildings and two carriage homes along with a 5,500 SF clubhouse. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $34,561,600 at a fixed interest rate with a 40 year term.