Properties Financed by AGM

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.

Saturday
Sep062014

Quill Apartments 

Quill Apartments is a 180-unit family affordable apartment community to be built in Norfolk, Virginia. The community offers three-story walk-up buildings with a clubhouse and playground as well as a pool and fitness center located on phase one of the community. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $14,800,000 at a fixed interest rate with a 40-year term. The project includes 30 one-bedrooms, 114 two-bedrooms, and 36 three-bedroom units. 

Saturday
Sep062014

One Light Tower

One Light Tower is a 307-unit upscale market rate apartments with approximately 2,800 square feet of ground floor retail space. The property is located in Kansas City, Missouri within the Power & Light District known as the mid-west’s premier entertainment epicenter containing 50 unique shops, restaurants, and entertainment venues. Community amenities include a rooftop pool, fitness center and free Google Fiber Wi-Fi for all tenants.

Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $59,999,900 at a fixed interest rate with a 40-year term.

Saturday
Jul192014

Redwood Gardens Senior Apartments


Redwood Gardens is a 169-unit elderly apartment complex consisting of several three-story apartment buildings which were built in 1986 and a single one and two-story building built in 1924.  The property was originally financed under HUD’s Section 202 program, and is located adjacent to the campus of the University of California at Berkeley.  AGM obtained a $13,798,900 HUD-insured mortgage under the 223(f) program. The loan generated $3,300,000 of loan proceeds to be used on repairs for Redwood Gardens, as well as $2,187,067 of cash out proceeds to be used on repairs for a sister property in need of renovation in Michigan

Saturday
Jul192014

Captiva Club Apartments 

Captiva Club is a 136-unit apartment complex constructed in 2003 consisting of fifteen two-story apartment buildings, five single-story apartment buildings, and a single story clubhouse.  The property is located in Miami, Florida.  AGM obtained a $7,900,000 HUD-insured mortgage under the 223(f) program.

Saturday
Jul192014

Robert Sharp Towers II

Robert Sharp Towers II is a 109 unit seven story masonry apartment building serving senior affordable residents since its construction in 1981.  The property is located in Miami Gardens; a suburban Miami city located in north-central Miami-Dade County, Florida.  The subject property is the second phase of a two-part development; originally financed using the Section 221(d)(4) program. AGM obtained a HUD-insured mortgage of $8,100,500 with a 40-year-term. 

Saturday
Jul192014

Riverwoods at North East 

Riverwoods at North East is a 76-unit family affordable to be built apartment community consisting of four, two & three-story, buildings and community center located in North East, Maryland. The project includes 16 one-bedroom, 40 two-bedroom, and 20 three-bedroom units.  Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $2,159,000 at a fixed interest rate with a 40-year term. Equity of approximately $11,800,000 will be provided through the sale of low-income housing tax credits.

Saturday
Jul192014

Spring Valley Apartments 

Spring Valley is a 152-unit market rate apartment complex constructed in 1992 which consists of eleven two story buildings and a one-level clubhouse.  The property is located in Columbia, South Carolina.  AGM obtained a $7,300,400 HUD-insured mortgage under the 223(f) program to refinance and upgrade the property.  

Sunday
May112014

Aura at Quarterpath 

Aura at Quarterpath is a 227-unit family Class A, apartment community to be constructed in three 4-story elevator buildings located in The City of Williamsburg, Virginia. The project includes 70 one-bedrooms, 125 two-bedrooms, and 32 three-bedrooms with 30 detached garages. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $26,317,700 at a fixed interest rate with a 40-year term. 

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