The Deal is Done: Heritage Forest Apartments, Newport News, VA

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AGM Financial Services, Inc. is proud to announce the successful refinance of Heritage Forest Apartments located in Newport News, VA. The multi-family community was originally built in two phases in 2011 and 2014 with HUD-insured financing and Low Income Housing Tax Credits (LIHTC). This garden apartment community includes 248 units and a freestanding clubhouse. All of the units are income restricted. Both phases of the community were refinanced with HUD-insured Section 223(a)(7) mortgages. Phase I had a mortgage of $8,609,900 and Phase II had a mortgage of $6,339,600. The refinance of the existing mortgages reduced the fixed interest rate while extending the term of the mortgages back to the original 40-year term.

We want to thank everyone who made this closing a success:

Borrower Phase I: SLN 5100, L.P.

Borrower Phase II: Heritage Forest II, L.P.

Sponsor & Property Management: The Franklin Johnston Group

Borrower’s Counsel: Williams Mullen

Surveyor: Hoggard / Eure Associates, P.C. (1)

Mortgage Insurance Provider:

  • Regional Center: New York HUD

  • Satellite Office: Baltimore HUD

  • Closing Office: Washington D.C. HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Krooth & Altman LLP

Title Company: Stewart Title Guaranty Company

Rent Comparability Study: Peter S. Eckert & Company, Inc.

Capital Needs Assessment, E-tool, & HEROS: EBI Consulting

To see how AGM can make your deal work for you, contact AGM’s Origination Team.