The Deal is Done: Meadows of Cambridge, MD

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Developed by Woods Road Cambridge, LLC and RBCI Corp., Meadows of Cambridge Phases I & II include 102 one-, two-, and three bedroom units. AGM is proud to announce the successful closing of a $12,315,900 HUD-insured Section 223(f) refinance on Phases I & II. AGM also provided Woods Road Cambridge, LLC with $14,372,000 in HUD-insured construction / permanent debt for the development of an additional 90 units in Phase III of the community, now under construction and expected to open in the summer of 2022. The cohesive development contains a mixture of three-story walk-up buildings, three-story elevator serviced buildings, a swimming pool, and a community clubhouse complete with a clubroom/resident lounge, business center, fitness center, and green space. 

AGM is pleased to work with RBCI Corp. on Meadows of Cambridge in Cambridge, MD.

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

Borrower Phase I & II: Woods Road Meadows, LLC

Borrower Phase III: Meadows 90 LLC

General Contractor: RBCI, Corp.

Property Management: RPB Management, LLC

Architect & Green Design Consultant: Iott Architecture & Engineering, Inc.

Borrower’s Counsel: Carney, Kelehan, Bresler, Bennett & Scherr, LLP

Surveyor & Civil Engineer: Lane Engineering, LLC

Mortgage Insurance Provider:   

  • Regional Center: New York HUD

  • Satellite & Closing Office: Baltimore HUD

Mortgage Backed Securities: GNMA

Lender’s Counsel: Reno & Cavanaugh PLLC

Title Company: First American Title Insurance Company

Appraiser: Metzbower, Watts & Hulting, LC

Market Analyst: Real Property Research Group

Environmental Studies & HEROS Phase I & II: Partner Engineering and Science, Inc.

Environmental Studies & HEROS Phase III: Dominion Due Diligence Group

A&E/Cost Reviewer: JPS & Associates, Inc.

Capital Needs Assessor & E-tool: Partner Engineering and Science, Inc.

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

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Steve Rudow

Steve joined AGM in 2001 and is a HUD-approved underwriter who has transitioned to loan origination. During the 2015-16 academic year, Steve served as an Adjunct Professor for the University of Maryland’s Colvin Institute of Real Estate Development, co-teaching the Market Analysis and Valuation courses. Steve is also an Instructor for the Mortgage Bankers Association’s FHA Multifamily Underwriting Training Program, teaching a course entitled Valuation Analysis & Investment Mathin 2013-18. Before joining the AGM team, he was a senior underwriter in the Bank of America CMBS conduit program. Previously, Steve was a commercial real estate appraiser and consultant, earning the MAI designation in 1992. Steve received a Liberal Arts BA in 1985 from St. Johns College, Annapolis, MD. Steve’s wonderful daughter is a graduate of Hood College.