Properties Financed by AGM

Sunday
Apr212013

Belle Hill Manor 

Belle Hill Manor is an 84 unit family apartment community comprised of 7 two- story apartment buildings to be built in Elkton, Maryland. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $6,114,500 with a fixed interest rate over a 40-year term. The project includes 14 one-bedroom 56 two-bedroom and 14 three-bedroom units. There are 42 garages integrated into the residential buildings and a freestanding clubhouse with fitness center.  

Sunday
Apr212013

Solaire Apartments 

Solaire Apartments is a 252 unit multi-family apartment community comprised of eleven 2 and 3 story garden apartment buildings to be built in the City of Brighton, Colorado. Using HUD's Section 221d4 New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $31,025,300 with a fixed interest rate over a 40-year term. The community will utilize geothermal technology for heating and cooling and each building will be pre-wired for solar panels. The project includes 114 one-bedroom 108 two-bedroom and 30 three-bedroom units. In addition there are 95 detached garages, a swimming pool and fitness center.

Sunday
Apr212013

Perry Payne

Perry Payne, listed on the National Register of Historic Places, is a 93 unit apartment building with first level retail space located in Cleveland, Ohio.  AGM obtained a $4,456,500 HUD-insured mortgage under the Section 223(f) program to retire maturing conventional debt.  

Monday
Feb182013

Stonebrooke Village 

Stonebrooke Village is a 146 unit existing market rate garden apartments built in 2005 located in Medina, Ohio.  Using HUD’s 223(f) program AGM obtained a $11,080,000 insured mortgage with a fixed interest rate over a 35-year term.  

Monday
Jan212013

South Acres Ranch 


South Acres Ranch is comprised of 80 two-story ranch-style single family rental homes, each containing four bedrooms and an attached garage.  It is located in Houston Texas.  Using HUD’s Section 223(f) program AGM obtained a $3,497,000 mortgage to retire conventional debt as well as a $750,000 loan from the Texas Department of Housing and Community Affairs through their Tax Credit Assistance Program.

Monday
Jan212013

Town Place Apartments 

Town Place Apartments is a 166 unit apartment community comprised of 7 two- to four-story buildings located in Middletown, Connecticut.  AGM obtained a $14,880,000 HUD-insured 223f mortgage that also funded repairs, including all new windows.  

Monday
Jan212013

Fields of Silver Spring 


Fields of Silver Spring is a 284 unit affordable housing apartment community located in Silver Spring, Maryland.  The property was originally financed pursuant to HUD’s Section 221(d)(4) substantial rehabilitation program, which provided credit enhancement to Tax Exempt Bonds issued by the State of Maryland’s Community Development Administration.  Using HUD's Section 223(a)(7) program for currently insured properties, AGM obtained a new insured mortgage of $15,945,000.  The new mortgage refinanced all prior debt, including a Montgomery County second loan, and lowered the interest rate resulting in substantial annual debt service savings.

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.

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