Properties Financed by AGM

Wednesday
Jun172015

Channing Phillips Homes 

Channing Phillips Homes is a 56 unit family affordable community located in Washington DC. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $7,779,600 at a fixed interest rate with a 40-year term. The District of Columbia Housing Finance Agency (DCHFA) issued tax exempt bonds in the amount of $11,500,000. Equity of approximately $5,370,300 was provided through the sale of 4% low income housing tax credits. The Government of the District of Columbia provided $445,000 for predevelopment cost through the Neighborhood Investment Fund (NIF).

Wednesday
Jun172015

Infinity Apartments 

Infinity Apartments is a 235 unit Class A community located in Virginia Beach, Virginia. The property includes a 5,500 square foot clubhouse, outdoor swimming pool and 34 detached garages. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $30,537,700 at a fixed interest rate with a 40-year term.

Wednesday
Jun172015

Riverwoods at Tollgate 

Riverwoods at Tollgate is an 84 unit affordable community located in Abingdon, Maryland. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD insured mortgage of $8,229,000 at a fixed interest rate with a 40 year term. Equity of approximately $10,008,000 was provided through the sale of 9% low income housing tax credits. Harford County HOME funds in the amount of $300,000 were provided as secondary debt.

Saturday
Mar212015

Taney Village 

Taney Village is a 130-unit affordable apartment complex consisting of one 6-story elevator apartment buildings located in Frederick, Maryland. The community was originally built in 1978. The project receives a Section 8 assistance contract for 100% of the units from the Department of Housing and Urban Development. Utilizing the new 223(f) LIHTC Pilot Program, AGM obtained a $14,200,000 HUD-insured mortgage. The loan and Low Income Housing Tax Credit Equity generated $4,523,241 for the rehabilitation of the property. 

Saturday
Mar212015

The Gates at Owings Mills 

The Gates at Owings Mills is a 158 unit affordable community located in Owings Mills, Maryland. The community was originally built in 2000. AGM obtained an $18,972,700 HUD insured mortgage under the 223f Refinance program with a 35 year term and a fixed interest rate. 

Saturday
Mar212015

Southside Village Apartments 

Southside Apartments is a 130 unit existing community consisting of 65 one and two-story apartment buildings located in Lexington, North Carolina.  The community was initially constructed in 1962 and 1965 as a public housing project.  Under HUD’s Rental Assistance Demonstration (RAD) program, the project converted its existing public housing subsidies into a long term Section 8 contract. AGM obtained a HUD insured mortgage of $5,100,000 at a fixed interest rate by utilizing HUD's Section 221d4 program for insurance advances. The Lexington Housing Authority (LHA) issued $5,100,000 in tax exempt bonds.  Equity of approximately $2,410,000 was provided through the sale of 4% low income housing tax credits. Additional sources include $650,000 in Capital Funds loaned to the partnership from LHA. There was $1,100,000 upfront ground lease payment from the partnership evidenced by a note from LHA.

Saturday
Mar212015

Terrace Lane 

Terrace Lane is a 138 unit existing community consisting located in Lexington, North Carolina.  The community was initially constructed in 1983 and 1984 as a public housing project.  Under HUD’s Rental Assistance Demonstration (RAD) program, the project converted its existing public housing subsidies into a long term Section 8 contract. AGM obtained a HUD insured mortgage of $5,100,000 at a fixed interest rate by utilizing HUD's Section 221d4 program for insurance advances. The Lexington Housing Authority (LHA) issued $5,100,000 in tax exempt bonds. Equity of approximately $3,212,000 was provided through the sale of 4% low income housing tax credits. Additional sources include $350,000 in Capital Funds loaned to the partnership from LHA. There was $2,300,000 upfront ground lease payment from the partnership evidenced by a note from LHA.

Saturday
Mar212015

Lincoln Westmoreland Apartments 

Lincoln Westmoreland Apartments is a 110 unit existing affordable community located in Washington D.C. The community was originally built in 1970. AGM obtained a $19,210,000 HUD insured mortgage under the 223f Acquisition program. Equity of approximately $6,800,000 was provided through the sale of 4% low income housing tax credits. The District of Columbia Housing Finance Agency (DCHFA) issued tax exempt bonds in the amount of $15,000,000. Repairs of approximately $2,360,000 were completed as a part of the transaction.

Saturday
Mar212015

Williston Apartments 

Williston Apartments is a 28 unit apartment complex consisting of two four-story apartment buildings located in Washington D.C. The community was originally built in 1940 and rehabilitated in 2010. The property has a project based Section 8 contract on all 28 units. Using the 223f Refinance Program, AGM obtained a $3,750,100 HUD-insured mortgage with a 35 year term and a fixed interest rate.

Saturday
Mar212015

Churchill Senior Living II 

Churchill Senior Living II is a 133 unit elevator served senior community in Germantown, Maryland.  Using HUD's Section 231 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $18,634,300 at a fixed interest rate with a 40 year term.  The Housing Opportunities Commission (HOC) of Montgomery County issued tax exempt bonds in the amount of $16,500,000. Equity of approximately $7,350,000 was provided through the sale of 4% low income housing tax credits. The Montgomery County Department of Housing Community Affairs provided $3,100,000 in secondary financing.

Saturday
Mar212015

The Reserve at Stoney Creek II 

Reserve at Stoney Creek II is a 76 unit class A market rate community in Pasadena, Maryland. Using HUD's Section 221d4 New Construction Program for insurance advances, AGM obtained a HUD insured mortgage of $14,174,200 with a fixed interest rate and a 40 year term. This property is the second phase of the Reserve at Stoney Creek which is also a HUD insured market rate community financed by AGM. Phase II will consist of three, four-story elevator served buildings. The community will contain 52 first level individual parking garages with automatic overhead doors built into the structures.  A free standing 3,575 SF clubhouse which serves both phases, includes amenities such as a fitness center, community room with a fireplace and kitchenette, business center, locker rooms, and management/leasing offices.  Adjacent to the clubhouse is an outdoor pool.

Saturday
Mar212015

The Bonifant at Silver Spring 

The Bonifant at Silver Spring is a 149 unit senior community in Silver Spring, Maryland. The community is restricted to head of household aged 62 and older. Amenities include second level conference room, multi-purpose community area, fitness center and an outdoor terrace with green space. Using HUD's Section 221d4 New Construction program, AGM obtained a HUD-insured mortgage of $15,085,000 at a fixed interest rate with a 40-year term. Maryland DHCD issued tax exempt bonds in the amount of $22,000,000. Equity of approximately $12,507,000 was provided through the sale of 4% low income housing tax credits. Just under $17,000,000 of secondary financing was provided by the County and the State.

Saturday
Mar212015

Old Towne Manor 

Old Towne Manor is a 138-unit affordable community consisting of six three-story garden style apartment buildings located in Cumberland, Maryland. The property was initially constructed in 1975.  The community is a 4% Low Income Housing Tax Credit affordable project and contains a partial Section 8 contract provided by the Department of Housing and Urban Development.  Using HUD's Section 221d4 Substantial Rehabilitation Program for insurance advances, AGM obtained a HUD-insured mortgage of $6,922,000 at a fixed interest rate with a 40-year term. The project includes 46 one-bedroom/one-bath, 44 two-bedroom/two bath units and 48 three-bedroom/one-bath units. 

Saturday
Mar212015

Marley Station 

Marley Station is a 757 unit mixed income community located in Glen Burnie, Maryland. The community was originally built in 1964 and rehabilitated in 1996.  AGM obtained a $50,250,000 HUD insured mortgage under the 223f Refinance program. The loan generated $5,180,000 of loan proceeds to be used for repairs as well as cash out proceeds.

Sunday
Jan112015

Orchard Ridge 

Orchard Ridge is a 100-unit affordable apartment community located in Baltimore, Maryland.  The project includes 20 one-bedrooms, 48 two-bedrooms, 30 three-bedrooms, and 2 four-bedrooms plus a 3,700 square foot community center. The project was built in 2007 using the HUD Section 221(d)(4) program.  Using the HUD Interest Rate Reduction program for currently insured properties, AGM reduced the interest rate with a new mortgage of $3,369,279 and increased cash flow.

Sunday
Jan112015

Monticello Station 

Monticello Station is a 121-unit mixed use community located in Norfolk, Virginia.  The project includes 43 one-bedrooms, 63 two-bedrooms, 13 three-bedrooms and 2 four-bedrooms. This four-story elevator building includes such amenities as two open courtyards with gas grills, fire pit, and a pool. The project was built in 2010 using the HUD Section 221(d)(4) program.  Using the HUD Interest Rate Reduction program for currently insured properties, AGM reduced the interest rate with a new mortgage of $33,543,968 and increased cash flow.

Sunday
Jan112015

Glenmore Apartments 

Glenmore Apartments is a 409-unit affordable apartment community located in Landover, Maryland.  The project includes 193 two-bedrooms and 216 three-bedrooms plus a 6,500 square foot community clubhouse. The project was built in 2004 using the HUD Section 221(d)(4) program.  Using the HUD Interest Rate Reduction program for currently insured properties, AGM reduced the interest rate with a new mortgage of $36,162,175 and increased cash flow.

Sunday
Jan112015

CSI Portfolio

The CSI Portfolio consists of six affordable communities containing 552-units of located throughout California. The communities are the 200-unit Magnolia, the 40-unit Mariposa, the 55-unit Maywood, the 74-unit Meadowlark, the 56-unit South Bay, and the 126-unit South Park Manor.  All properties receive Section 8 assistance contracts from the Department of Housing and Urban Development.  Using the HUD Interest Rate Reduction program for currently insured properties, AGM reduced the interest rates with a combined mortgage balance of $34,982,127 and increased cash flow.

Sunday
Nov232014

Woodland Springs

Woodland Springs will be a community of 36 to be built two-story townhomes in District Heights, Maryland. The project is comprised of two large units with 1,702 net square feet (1 three bedroom and 1 four bedroom); each of these large units include a residential elevator.  The remaining 34 units are walk-up townhomes. Using HUD's Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $1,475,000 at a fixed interest rate with a 40-year term. Other funding included equity from the sale of low income housing tax credits, a HOME loan from Prince George's County and a Rental Housing Production Loan from Maryland’s Community Development Administration.

Thursday
Sep182014

Chapel Springs Senior Apartments

Chapel Springs is a 127-unit four-story elevator senior apartment building to be built in Perry Hall, Maryland. The community will to be age restricted to occupants aged 62 and older and is a 9% Low Income Housing Tax Credit affordable project. Using HUD's Section 231 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $6,713,100 at a fixed interest rate with a 40-year term. The loan will be funded pursuant to HUD's program for insured advances. The project includes 103 one-bedroom/one-bath, 6 two-bedrooms/one-bath, and 18 two-bedrooms/two-bath units.

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