Properties Financed by AGM

Monday
Jan212013

The Bennington 


The Bennington is a 223 unit apartment building located in Silver Spring, Maryland.  The property was originally financed pursuant to HUD’s Section 221(d)(4) new construction program.  Using HUD's Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $31,393,000.  The new mortgage refinanced the old debt and lowered the interest rate resulting in substantial annual debt service savings.

Monday
Jan212013

Belmont Crossing 


Belmont Crossing is a 275 unit apartment complex comprised of 25 three-story building located in Washington D.C.  The property was originally financed pursuant to HUD’s Section 221(d)(4) substantial rehabilitation program.  Using HUD's Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $11,910,300.  The new mortgage refinanced the old debt and lowered the interest rate resulting in substantial annual debt service savings.

Monday
Jan212013

Promenade Point 

Promenade Point is a 183-unit family apartment community to be built in Norfolk, Virginia. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $25,228,700 with a fixed interest rate over a 40-year term.

Monday
Jan212013

Progression Place

Progression Place  is a 205-unit mixed use retail and apartment community located in Washington D.C’s Shaw neighborhood.  Using HUD's Section 221d4 program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $53,147,200 with a fixed interest rate over 40 years.  Existing historic structures were renovated and integrated with a new building containing the majority of project area.  Additional debt was provided to the project by the D.C. Department of Housing and Community Development, and the D.C. Office of the Deputy Mayor for Planning and Economic Development.

Thursday
Nov082012

Heritage Forest II Apartments 

Heritage Forest II is a 3-story, 104-unit affordable apartment community to be built in Newport News, Virginia. Using HUD's Section 221(d)(4) New Construction program for insured advances, AGM obtained an insured mortgage of $7,000,000 with a fixed interest rate over a 40-year term. Additional funding was provided through the sale of 9% Low Income Housing Tax Credits. The project includes 16 one-bedroom, 66 two-bedroom and 22 three-bedroom units.

Thursday
Nov082012

Victoria Park at North East

Victoria Park at North East is a 50-unit senior LIHTC apartment building located in North East, Maryland. The property was originally financed in 2005 pursuant to HUD’s Section 221(d)(4) new construction program. Using HUD's Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $2,255,000 and extended the term to 40 years. The new mortgage refinanced the old debt and lowered the interest rate resulting in substantial annual savings.

Thursday
Nov082012

Francis Scott Key Apartments 

Francis Scott Key Apartments is a 46-unit apartment building located in Frederick, Maryland. The property is an adaptive reuse of a historic hotel which used HUD’s Section 221(d)(4) substantial rehabilitation program in 2001. Using HUD's Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $5,121,200. The new mortgage, with a lower interest rate, paid off the existing first mortgage resulting in substantial annual savings.

Thursday
Nov082012

Highland Ridge

Highland Ridge is a 197-unit apartment building located in Capitol Heights, Maryland. The property was originally financed pursuant to HUD’s Section 221(d)(4) substantial rehabilitation program. Using HUD's Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $11,627,000. The new mortgage refinanced the old debt and lowered the interest rate resulting in substantial annual savings.

Monday
Jul162012

Oakland Nursing and Rehabilitation Center

Oakland Nursing and Rehabilitation Center is a 90-bed skilled nursing facility located in Oakland, Maryland. AGM refinanced the existing HUD-insured loan with a $4,047,000 mortgage through HUD’s Section 232/223a7 LEAN program. Oakland Nursing and Rehabilitation Center was able to reduce their interest rate by more than 2%.

Tuesday
Jun192012

Streets of Greenbrier

Streets of Greenbrier is a 280-unit Class A apartment community to be built in Chesapeake, Virginia. AGM obtained a $36,273,500 HUD-insured loan pursuant to the Section 221(d)(4) for new construction. The loan amortizes over the 40 year permanent loan period. The project includes 17 studio units, 120 one-bedrooms, 106 two-bedrooms, 14 two-bedroom carriage homes, and 23 three-bedrooms.

Tuesday
Jun192012

Flats170 at Academy Yard

Flats170 at Academy Yard is a 369-unit family apartment community to be built in Odenton, Maryland. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $72,783,600 with a fixed interest rate over a 40-year term. The project is located within Anne Arundel County's Odenton Town Center, a targeted growth area, and the project’s design character reflects the industrial heritage of Odenton. The project consists of one, two, and three bedroom units, walkup and elevator-served, with an extensive amenity package including garage parking and a luxurious clubhouse with swimming pool.

Tuesday
Jun192012

GrandeVille on Avalon Park

GrandeVille on Avalon Park is a 487-unit apartment complex comprised of 33 one and two story buildings built in 2008, located in Orlando, Florida. AGM obtained a $59,925,000 HUD- insured mortgage under the Section 223(f) program and a waiver of the three-year rule. The project includes 165 one-bedroom units, 233 two-bedroom units and 89 three-bedroom unit. The extensive community amenities include a clubhouse with a full-size indoor basketball court and a resort style swimming pool with an outdoor summer kitchen.

Tuesday
Jun192012

Woodhaven Park

Woodhaven Park is a 304-unit garden style apartment complex in Indianapolis, Indiana, which was built in two phases with 192 units in 1978 and 112 units in 1999. AGM refinanced the property with an $8,882,500 HUD-insured mortgage under the Section 223(f) program. The project includes 80 one-bedrooms, 128 two-bedroom and 96 three-bedroom units.

Tuesday
Jun192012

2M

2M is a 13 story 314-unit family apartment community with 4,100 square feet of first floor retail space under construction in the District of Columbia. AGM obtained a $63,779,400 HUD-insured construction/permanent mortgage under HUD’s Section 221(d)(4) New construction program for the project that fully amortizes over the 40 year permanent period. The project includes 25 studio, 196 one-bedrooms, 76 two-bedrooms, 17 three-bedrooms and on-site below grade parking.

Tuesday
Jun192012

CityMarket

CityMarket at O Street is a mixed-use development in Washington D.C.’s Shaw neighborhood. Using HUD's Section 220 New Construction program, AGM obtained an FHA-insured mortgage of $128,000,000 with a fixed interest rate over a term of construction plus 40-years. Additional financing included The District of Columbia’s issuance of $32,000,000 of Tax Increment Financing Bonds and a Grant. The project will contain a Giant Foods grocery store, 400 units of Class A apartments, ancillary retail space and an underground parking garage. Other components of the mixed-use development include a 182 room Cambria Suites hotel to be built immediately upon completion of the parking garage, as well as for sale condominiums and age-restricted apartments.

Tuesday
Jun192012

Ellsworth

Ellsworth is a 4 story 222-unit Class A apartment community to be built in downtown Silver Spring, Maryland. Using HUD's Section 221d4 program for new construction, AGM obtained an insured mortgage of $50,973,600 with a 40-year term. The project includes 24 efficiencies, 128 one-bedrooms, and 70 two-bedrooms.

Tuesday
Jun192012

Towne Place at Greenbrier

Towne Place at Greenbrier is a 215-unit upscale apartment community to be built in the City of Chesapeake, Virginia. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained an insured mortgage of $24,962,600 at 4.52% interest with a 40-year term. The project includes 96 one-bedroom, 96 two-bedroom and 23 three-bedroom units.

Tuesday
Jun192012

Somerset Manor

Somerset Manor is a 99-unit affordable apartment building built in 1972 located in Silver Spring, Maryland. Somerset Manor was originally financed pursuant to HUD’s Section 221(d)(4) new construction program and tax-exempt bonds with tax credits. Using HUD's Section 223(a)(7) program for existing HUD-insured properties, AGM obtained a HUD-insured mortgage of $8,144,200 with a 40-year term. The new mortgage refinanced the old debt, lowered the interest rate, and funded a $50,000 repair escrow. The affordability restrictions remain in place.

Tuesday
Jun192012

Heritage Forest

Heritage Forest is a 3-story 144-unit affordable apartment community to be built in Newport News, VA. Using HUD's Section 221(d)(4) New Construction program for insured advances, AGM obtained a mortgage of $9,933,500 with a 40-year term. Additional funding was provided through the sale of Low Income Housing Tax Credits. The project includes 18 one-bedroom, 96 two-bedroom, and 30 three-bedroom units.

Tuesday
Jun192012

Woodbridge Commons

Woodbridge Commons is a 132 unit affordable elderly property built in 2005 located in Edgewood, Maryland. Woodbridge Commons was originally financed pursuant to HUD’s Section 221(d)(4) new construction program. Using HUD's Section 223(a)(7) program for existing HUD-insured properties, AGM obtained a new mortgage of $6,582,600 with a 40-year term. The new mortgage refinanced the old debt and lowered the interest rate.

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