Properties Financed by AGM

Sunday
Jun052016

Two Light Tower

Two Light Tower is a 296-unit Class A, new construction community. The community features one, 24-story building located in the Power and Light District of downtown Kansas City, Missouri. The community will feature 14,500 SF of office space and 3,100 SF of ground floor retail. Amenities include both an indoor and outdoor pool and fitness center. This project is the second phase financed by AGM, with One Light Tower (a 307-unit high rise community) being the first. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $74,999,900 at a fixed interest rate with a 40-year term.

Saturday
Apr162016

Cherokee Springs

Cherokee Springs is a 134-unit existing scattered site rental community located in Cedartown, Polk County, Georgia. The project consists of five 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 $4,062,000 for the project’s substantial rehabilitation with a fixed interest rate and a 40-year term. The Cedartown Housing Authority (CHA) issued $7,000,000 in tax-exempt bonds.  Equity of approximately $5,475,000 was provided through the sale of 4% low-income housing tax credits (LIHTC). Additional sources include approximately $913,000 in Capital Funds loaned to the partnership from CHA. Site control was achieved with a $2,925,000 up front ground and building lease payment from the partnership to CHA, evidenced by a note.

Saturday
Feb202016

Wyman House

Wyman House is a 175-unit existing elderly and disabled rental property located in Baltimore City, Maryland. The property includes 112 studio and 63 one-bedroom apartments.  Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $7,339,000 with a fixed rate and 40-year term. The subject was acquired by the sponsor and will be substantially renovated and preserved as affordable housing. The sponsor plans to invest approximately $60,860 per unit in rehabilitation costs. 

The project will also be financed with equity from the sale of 4% low-income housing tax credits (LIHTC). 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.  One hundred and sixty-eight of the units are expected to be converted from public housing to long-term, Section 8 project-based rental assistance (PBRA), and an additional seven units are being added from space that was previously leased as office and medical suites.

HUD’s Rental Assistance Demonstration (RAD) program was utilized to convert the subject from public housing to long-term Section 8 rental assistance with a Housing Assistance Payment (HAP) contract.  The HAP contract will provide PBRA to 96% of the units at the property. The seven new units (4% of the total) will not have Section 8 assistance, but will be LIHTC-restricted.  Additionally, the low-income housing tax credits include the long-term use restriction of 100% of the units to serve tax credit eligible tenants.

Saturday
Feb202016

Brentwood

The Brentwood is a 150-unit existing elderly and disabled rental property located on approximately 0.6305 acres in Baltimore, Maryland. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $10,700,000 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 $92,090 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 (PHWF) 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.  

The property participated in HUD’s Rental Assistance Demonstration (RAD) Program and received a Housing Assistance Payment (HAP) contract to replace the former public housing funds that 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
Jan232016

Rhode Island Row 

Rhode Island Row is a 274 unit existing multi-family apartment community located in Washington, DC. The property was originally financed by AGM under the section 220 New Construction program in 2010. AGM obtained a HUD insured mortgage of $82,398,400 under the 223a7 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.

Sunday
Jan172016

Bladensburg Commons

Bladensburg Commons is a 100 unit affordable new construction community located in Bladensburg, Maryland. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $4,920,000 at a fixed interest rate with a 40-year term. Equity of approximately $14,548,000 was provided through the sale of 9% low income housing tax credits. Additional sources include $1,625,000 in Rental Housing Production funds from the State of Maryland and $3,000,000 in HOME funds from Prince George’s County.  

Saturday
Jan162016

Crescent Properties 

Crescent Properties is a 282-unit existing scattered site rental community located in Winder, Barrow County, Georgia. The project consists of six 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 $9,800,000 for the project’s substantial rehabilitation with a fixed interest rate and a 40-year term. 

Saturday
Jan162016

Bernard E. Mason

Bernard E. Mason is a 225-unit existing elderly and disabled rental property located on approximately 11.662 acres in Baltimore, Maryland. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $13,000,000 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 $62,098/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. The Housing Authority of Baltimore City will maintain its participation in the tenant selection and oversight of the property, and has provided a seller take-back mortgage loan.  Two hundred twenty-three of the units are expected to be converted from public housing to long-term, Section 8 project-based rental assistance (“PBRA”), and an additional two units are being added from space that is currently medical space.

The property participated in HUD’s Rental Assistance Demonstration (RAD) Program and received a Housing Assistance Payment (HAP) contract to replace the former public housing funds that 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 of 99.4% (all but one) of the units to serve tax credit eligible tenants.

Saturday
Jan162016

Basilica Place 

Basilica Place is an existing 200 unit senior community in Baltimore, Maryland. Utilizing HUD’s 223f Tax Credit PILOT refinance program, AGM arranged a $10,900,000 HUD insured mortgage with a fixed interest rate and 35 year term. Maryland DHCD issued tax exempt bonds in the amount of $11,900,000. Equity of approximately $5,525,000 was provided through the sale of 4% low income housing tax credits. Project sources allowed for approximately $27,000 per unit in upgrades and repairs.

Saturday
Jan162016

Allendale Apartments

Allendale Apartments is a 164-unit existing elderly and disabled rental property located in Baltimore, Maryland. Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $9,465,000 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. Renovation costs are approximately $65,148 per unit.  The project will also be financed with equity from the sale of 4% Low Income Housing Tax Credits, as well as a Rental Housing Works loan from CDA and a seller note. 

Allendale participated in HUD’s Rental Assistance Demonstration (RAD) Program and received a Housing Assistance Payment (HAP) contract to replace the former public housing funds that 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 of 99.4% (all but one) of the units to serve tax credit eligible tenants. 

Saturday
Jan162016

Hartford Village 

Hartford Village is an 84 unit new construction community limited to tenants 62 years of age or older, located in in Detroit, Michigan. The property features 64 market rate units and 20 affordable units. Utilizing HUD's Section 231 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $11,800,700 at a fixed interest rate with a 40 year term. Secondary sources include $1,000,000 in Wayne County Home Funds, $1,493,000 in Detroit City Home funds and $650,000 in Detroit City Neighborhood Stabilization Program funds.

Monday
Jan112016

Oak Street Apartments

Oak Street Apartments is an existing 50 unit project based Section 8 community located in Washington, DC.  Utilizing HUD's Section 223f refinance program, AGM obtained a HUD-insured mortgage of $7,910,000 with a 35 year term at a fixed interest rate.

Monday
Jan112016

Riverwatch


Riverwatch is an 84 unit new construction rental townhouse community located in Elkridge, Maryland.  This mixed income community includes integrated garages in the residential units as well as approximately 4,200 square feet of commercial space. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $14,126,200 at a fixed interest rate with a 40 year term. Maryland DHCD issued tax exempt bonds in the amount of $11,750,000. Equity of approximately $2,850,000 was provided through the sale of low income housing tax credits. Additional sources include $2,400,000 in Partnership Funds and $2,500,000 in Rental Housing Works both from Maryland DHCD. The Howard County Housing Commission owns the underlying land and leased it to the partnership under a long term agreement.

Sunday
Nov012015

Reserve at Somerset Commons 

 

Reserve at Somerset Commons is a 75 unit new construction community located in Princess Anne, Maryland.  Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $625,000 at a fixed interest rate with a 40 year term. Equity of approximately $10,390,000 was provided through the sale of 9% low income housing tax credits. Secondary financing includes Rental Housing Production Program funds from Maryland DHCD, Weinberg Foundation Loan Program funds, a Community Development Block Grant Loan and a loan from the Town of Princess Anne’s Strategic Demolition and Smart Growth Impact Fund.

Sunday
Nov012015

Commons of Avalon 


Commons of Avalon is a 113-unit affordable new construction rental townhouse community located in Frederick, Maryland. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $19,569,800 at a fixed interest rate with a 40 year term. Maryland DHCD issued tax exempt bonds in the amount of $12,850,000. Equity of approximately $6,585,000 was provided through the sale of 4% low income housing tax credits.

Sunday
Nov012015

Southern Pine Apartments 

Southern Pine Apartments is a 240 unit Class A market rate apartment community located in Virginia Beach, Virginia. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $36,492,700 and a fixed interest rate with a 40-year term.

Sunday
Nov012015

Fairview Senior Apartments 

Fairview Senior Apartments is an existing 75 unit senior affordable community located in Rising Sun, Maryland. The community was originally built in 2001. AGM obtained a $3,341,400 HUD insured mortgage under the 223f Refinance program with a 35 year term and a fixed interest rate.

Sunday
Nov012015

Fairspring Senior Community

Fairspring Senior Community is a 100 unit senior affordable community located in Baltimore, Maryland. The community was originally built in 2002. AGM obtained a $4,328,200 HUD insured mortgage under the 223f Refinance program with a 35 year term and a fixed interest rate.

Sunday
Nov012015

Tanglewood Apartments 

Tanglewood Apartments is an existing 132 unit affordable community located in Silver Spring, Maryland. The community was originally built in 1949 and substantially rehabilitated with Low Income Housing Tax Credits in 2013. AGM obtained a $12,510,000 HUD insured mortgage under the 223f Refinance program with a 35 year term and a fixed interest rate.

Wednesday
Jun172015

The Morgan Apartments Phase II 


The Morgan II is a 117-unit Class A, new construction community. The community features three, 4-story, elevator buildings located in Chesapeake, Virginia. This project is the second phase of The Morgan which is also a HUD insured market rate community financed by AGM. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $16,740,100 at a fixed interest rate with a 40 year term. 

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