The Deal is Done: Marywood Apartments of Manassas, VA

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AGM Financial Services, Inc. is excited to announce the successful closure of a $15,000,000 mortgage for the extensive renovation of Marywood Apartments, benefiting the residents for many years to come. This remarkable project will provide for $68,000/unit in rehabilitation to this 129-unit, age-restricted community with 100% Section-8 housing in Manassas, Virginia. The 40-year FHA insured loan was made using the Section 221(d)(4) program providing long term fixed rate construction / permanent debt. The four-story, elevator-served building includes extensive amenities such as a large multipurpose community room, fitness room, hair salon, library, impressive pottery studio, laundry room, and meeting spaces on every floor.

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

Borrower: Second Saint Mary’s Housing Corporation

Sponsor/Co-Sponsors: Saint Mary’s Housing Corporation

General Contractor: Hamel Builders, Inc.

Property Management: Quantum Real Estate Management

Borrower’s Counsel: Furey, Doolan & Abell, LLP

Architect: Miner Feinstein Architects, LLC

Rent Comparability Study: Novogradac Consulting LLP

Civil Engineer: Miner Feinstein Architects, LLC

Surveyor: Jeff Warner Land Surveying, Inc.

Mortgage Insurance Provider:

  • Regional Center: New York HUD

  • Satellite & Closing Office: Baltimore HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Vorys, Sater, Seymour & Pease LLP

Title Company: Community Title Network, LLC

Appraiser: Linden Valuation Consultants

Capital Needs Assessment, E-Tool: Dominion Due Diligence Group

A&E/Cost Reviewer: Dominion Due Diligence Group

Environmental Studies & HEROS: Dominion Due Diligence Group

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 $10 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.