The Deal is Done: Monticello Station, Norfolk, VA

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AGM Financial Services, Inc. is proud to announce the successful closing of a $30,667,500 mortgage for the refinance of Monticello Station located in Norfolk, Virginia. Originally built in 2011 with FHA-Insured financing through AGM, this Class A four-story, elevator-served apartment community provides 121 market-rate units. The property also features first floor retail anchored by 7-Eleven, Sushi King, and Buffalo Wild Wings. Amenities include a pool, fitness center, conference room, garden-style courtyard, and structured parking. AGM obtained a new HUD insured mortgage under the 223(a)(7) refinance program which reduced the fixed interest rate while extending the term of the mortgage back to the original term of 40 years, resulting in substantial savings for the owner.

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

Borrower: SLNWC ResidentialCompany, L.L.C.

Sponsor: Nusbaum Associates L.P.

Property Management: SL Nusbaum Realty Co.

Borrower’s Counsel: Willcox & Savage, P.C.

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: Reno & Cavanaugh PLLC

Title Company: Bridge Trust Title Group

Capital Needs Assessment, E-Tool: JPS & Associates, Inc.

Environmental Studies & HEROS: AEI Consultants

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.