Lancaster House South

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Lancaster House South is a 150-unit elderly apartment building located in Lancaster, Pennsylvania. This 11-story building was originally constructed in 1979 with a HUD Section 202 direct loan. AGM structured the refinance and recapitalization of the project using a combination of two HUD-insured loans. A new $4,290,900 first mortgage was made using Section 223(f) in accordance with all of HUD’s Section 202 refinance requirements. A Section 241 Supplemental loan of $4,445,400 was processed and closed simultaneously. This second mortgage funded the majority of the renovations. Debt service savings from the prior Section 202 loan plus a Section 8 rent increase to market rent will provide the revenue needed to service this loan. Both loans were funded for 35 years.

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Myles Perkins

Myles has spent more than 15 years in commercial real estate with experience in asset management, acquisitions, dispositions, and financing. Prior to joining AGM he was a Vice President of asset management with The JBG Companies in Chevy Chase, MD. Before joining JBG, Myles was an investment analyst for the Akridge Companies in Washington, DC. He also spent several years underwriting and originating GSE debt at Reilly Mortgage Group before it was acquired by Wells Fargo. B.A. Geography, Bucknell University; MBA, Darden School of Business, The University of Virginia.