The Deal is Done: Baybrook Park of Webster, TX
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AGM Financial Services, Inc. is proud to announce the closing of an FHA-insured $4,030,000 mortgage under the 223(f) refinance program of the Baybrook Park in Webster, TX. Built in 2006, this affordable senior apartment community features 100 units in four single-story buildings and one four-story elevator-served building. The extensive list of amenities includes a pool, BBQ pavilion, shuffleboard, activity center, business center with free internet, clothes care center, limited access gates, and private garages. The community also provide social services and planned activities as well as regularly scheduled transportation. Eighty of the units charge rents that are affordable to 30%, 50% and 60% AMI households and average 41.1% below market rents.
We want to thank everyone who made this closing a success:
Borrower: Baybrook Park Retirement Center, Ltd.
Sponsor/Co-Sponsors: Hettig-Kahn/Harris County Housing Authority
Property Management: Hettig Management Corporation
Borrower’s Counsel: The Banks Law Firm P.A.
Surveyor: South Texas Surveying Associates, Inc
Mortgage Insurance Provider: Fort Worth HUD
Mortgage Backed Securities: GNMA
Lender’s Counsel: Kennerly, Montgomery & Finley, P.C.
Title Company: Platinum Title Partners, LLC
Appraiser: Valbridge Property Advisors
Capital Needs Assessment, E-Tool: Dominion Due Diligence
Environmental Studies & HEROS: Phase Engineering Inc.
To see how AGM can make your deal work for you, contact AGM’s Origination Team.
About AGM Financial
Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — for both market-rate and affordable projects — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. From new construction to substantial rehabilitation to acquisition and refinance — for both market-rate and affordable projects — we can get the deal done. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.
