The Deal is Done: Morris H. Blum Senior Apartments

/

AGM Financial Services, Inc. is proud to announce the successful closing of a $9,370,000 mortgage for the substantial rehabilitation of the Morris H. Blum Senior Apartments in Annapolis, Maryland. This is an elderly/non-elderly disabled preferred community with Rental Assistance Demonstration (RAD) / Section 18 conversion covering 100% of the units with long term Section 8 contracts. AGM financed the project with a 40-year FHA-Insured mortgage under the Section 221(d)(4) program paired with the federal 4% low-income housing tax credit program. The project is a joint venture between the Housing Authority of the City of Annapolis (HACA) and The Community Builders, Inc. (TCB), a non-profit affordable housing developer.

Located near the Navy-Marine Corps Memorial Stadium, this eight-story, elevator served building provides 154 apartments. Sixteen of the units will be restricted to households whose incomes are at or below 30% of the area median income (AMI), 62 units will be restricted to at or below 40% AMI, 70 units will be restricted to at or below 60% AMI, and 6 units will be restricted to at or below 80% AMI. The amenity package includes a multipurpose community room, a computer room, a laundry facility, and a medical clinic that is utilized for tenants by local non-profit agencies. The rehabilitation will provide $156,000 per unit in renovations and improvements.

AGM has now completed 28 RAD transactions nationwide. 

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

Borrower: Morris Blum Senior LLC

Sponsor/Co-Sponsors: The Community Builders (TCB) / The Housing Authority of the City of Annapolis (HACA)

General Contractor: Harkins Builders, Inc.

Property Management: The Community Builders, Inc.

Borrower’s Counsel: Nixon Peabody, LLP (TCB) / Ballard Spahr LLP (HACA)

Architect: Quinn Evans Architects

Appraiser: Linden Valuation Consultants

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

Surveyor: KCW Engineering Technologies

Mortgage Insurance Provider:

  • Regional Center: New York HUD

  • Satellite & Closing Office: Baltimore HUD

Mortgage-Backed Securities: GNMA

Lender’s Counsel: Tiber Hudson, LLC

Title Company: First American Title Insurance Company

Environmental Studies & HEROS: AEI Consultants

LIHTC & TEB Bond Issuer: Maryland Community Development Administration (CDA)

Issuer’s Counsel: Kutak Rock LLP

Bond Purchaser: Chase Bank

Bond Purchaser: Counsel: Tiber Hudson, LLC

Trustee: Wilmington Trust, N.A.

Trustee’s Counsel: McGuireWoods LLP

County HOME Lender: Arundel Community Development Services, Inc. (ACDS)

ACDS Counsel: Linda Schuett Law

Tax Credit Syndicator: U.S. Bancorp Community Development Corporation

Syndicator's Counsel: Applegate & Thorne-Thomsen, P.C. (ATT)

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.