The Deal is Done: Blaine Landing Phase I & II
/AGM Financial Services, Inc. is proud to announce the recent closing of two HUD insured mortgages totaling $11,502,300 for a LIHTC 9/4 Twin project to be known as Blaine Landing. Located in Williamsburg, Virginia, this rental community features 119 units in four three-story buildings plus a clubhouse. Amenities include a fitness center, playground, and a pavilion with grilling stations. Both of the Section 221(d)(4) mortgages were processed simultaneously by a single HUD underwriter. The two projects were funded by 4% and 9% Tax Credits, Tax Exempt Bonds, and State Trust Fund money. This community will be broadly affordable with all units restricted to households whose incomes are at or below 60% of the area median income.
Borrower: Blaine Landing Apts, L.L.C. & Blaine Landing Phase II, L.P.
Sponsor/Co-Sponsors: Nusbaum Associates, L.P.
General Contractor: Harkins Builders, Inc.
Property Management: S.L. Nusbaum Realty Co.
Borrower’s Counsel: Wilcox and Savage
Architect: TS3 Architecs P.C.
Appraiser: Eckert & Company, Inc.
Market Analyst: Real Property Research Group
A&E/Cost Reviewer: JPS & Associates, Inc.
Civil Engineer: AES Consulting Engineers
Surveyor: AES Consulting Engineers
Mortgage Insurance Provider:
Regional Center: New York HUD
Satellite Office: Baltimore HUD
Closing Office: New York & DC HUD
Mortgage Backed Securities: GNMA
Lender’s Counsel: Vorys, Sater, Seymour & Pease LLP
Title Company: BridgeTrust Title Group
Capital Needs Assessment, E-Tool: JPS & Associates, Inc.
Environmental Studies & HEROS: AEI Consultants/SCS Engineers
Bond Issuer: Economic Development Authority of the County of James City, VA
Issuer’s Counsel: Hunton Andrews Kurth LLP & McGuire Woods
Bond Underwriter: Stifel, Nicolaus & Company, Inc.
Underwriter’s Counsel: Tiber Hudson LLC
Tax Credit Syndicator: TowneBank
Syndicator's Counsel: Womble Bond Dickinson (US) LLP
Trustee: U.S. Bank, Global Corporate Trust
Trustee Counsel: Bryant Miller Olive P.A.
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.
