The Deal is Done: Admiral’s Landing 4 & 9 of Great Mills, MD
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AGM Financial Services, Inc. is proud to announce the successful closing of two FHA- insured mortgages totaling $13,000,000 for a LIHTC 9/4 Twin project known as Admiral’s Landing. Located in Great Mills, Maryland, this affordable housing community was originally built in 1989 and features 134 units in 12 three-story buildings which will be fully renovated. Both of the Section 221(d)(4) mortgages were processed simultaneously by a single HUD underwriter in order to successfully execute the 9/4 Twin transaction. The two projects will also be funded by 9% Tax Credits, 4% Tax Credits, Tax Exempt Bonds, and Rental Housing Works (RHW) funds in combination with Rental Housing Program (RHP) funds provided by Maryland DHCD. Combining these sources of funds, the owner will be able to expand several units and provide extensive renovations throughout the community averaging $89,500 per unit. All of the units in both phases are designated as affordable, with income limits ranging from 30% to 60% of AMI on various apartments.
We want to thank everyone who made this closing a success:
Borrower: Admirals Apartments Four LLC and Admirals Apartments Nine LLC
Sponsor/Co-Sponsors: Osprey Property Company II, LLC
General Contractor: Harkins Builders, Inc.
Property Management: Habitat America, LLC
Borrower’s Counsel: Rosen Hoover Sykes Brown P. A.
Architect: Studio 343, Ltd.
Appraiser: Principle Real Estate Consultants
Market Analyst: Real Property Research Group
A&E/Cost Reviewer: JPS & Associates, Inc.
Civil Engineer: Messick Group, Inc.
Surveyor: Messick & Associates
Mortgage Insurance Provider: New York HUD
Mortgage Backed Securities: GNMA
Lender’s Counsel: Vorys, Sater, Seymour & Pease LLP
Title Company: Chicago Title Insurance Company
Capital Needs Assessment, E-Tool: JPS & Associates, Inc.
Green/Energy Consultant: Pando Alliance, LLC
Environmental Studies & HEROS: Green Street Environmental (now AZ-RI Consultants)
Bond Issuer: Maryland CDA
Issuer’s Counsel: Kutak Rock LLP
Bond Underwriter: Stifel
Underwriter’s Counsel: Tiber Hudson
Tax Credit Syndicator: PNC Real Estate
Syndicator's Counsel: Nixon Peabody
Trustee: Wilmington Trust, NA
Trustee Counsel: McGuire Woods LLP
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.
