Properties Financed by AGM

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. 

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.  

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