The Deal is Done: Naples Manor Townhomes of Silver Spring, MD

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AGM Financial Services, Inc. is proud to announce the successful closing of an FHA-insured $17,918,000 mortgage for the Naples Manor Townhomes located in Silver Spring, MD. Built in 1988, these 64 three-story townhomes are surrounded by nature with access to the nearby retail, employment, and public transit. Together with their recent purchase of the community, the owner added income restrictions to preserve it as affordable. Thirteen of the townhomes are restricted to households making at or below 50% of area median income, and 51 are restricted to households making at or below 65% of area median income. The project was financed under the 223(f) Refinance program and Montgomery County supported the transaction by providing a tax abatement.

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

Borrower: ECD Naples Manor, LLC

Sponsor: Enterprise Community Development, Inc.

Property Management: Enterprise Residential, LLC

Borrower’s Counsel: Gallagher Evelius & Jones, LLP

Surveyor: O’Connell & Lawrence, Inc.

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: Chicago Title Insurance Company

Appraiser: Principle Valuation & Advisory Group

Capital Needs Assessment, E-Tool: Partner Engineering and Science, Inc.

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

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.