The Deal is Done: Park Heights Senior Apartments
/AGM Financial Services, Inc. is proud to announce the successful closing of an $8,755,000 mortgage for the new construction of Park Heights Senior Apartments with FHA mortgage insurance under Section 221(d)(4). The sponsor obtained site control through an RFP process and a subsequent Land Disposition Agreement with the City of Baltimore. The building will be a single, 4-story elevator served apartment building. All 100 units will be age restricted to heads of household aged 62+. The project will have full-service units and amenities including an exercise room and community room. Utilizing 4% Low-income Housing Tax credits, all units will be restricted to 30%-60% of AMI. This neighborhood revitalization project received substantial state and local financial support, including Baltimore City’s use of American Rescue Plan Act (ARPA) funds. In the future, a second phase will be developed on an adjacent lot with a family building.
We want to thank everyone who made this closing a success:
Borrower: 4710 Park Heights Senior Limited Partnership
Developer: NHP Foundation
Co-Sponsors/developer: The Henson Development Company
General Contractor: Southway Builders Inc.
Property Management: Habitat America, LLC
Borrower’s Counsel: Reno & Cavanaugh PLLC
Borrower’s Counsel: Kelliher & Salzer, LLC
Borrower’s Counsel: Gallagher Evelius & Jones
Architect: Torti Gallas + Partners
Appraiser: Linden Valuation Consultants
Interior Designer: Joy Owens Interior
Market Analyst: Novogradac & Company LLP
A&E/Cost Reviewer: JPS & Associates, Inc.
Civil Engineer: STV Incorporated
Surveyor: Daft McCune Walker Inc.
Mortgage Insurance Provider:
Regional Center: New York HUD
Satellite Office: Baltimore HUD
Closing Office: New York HUD
Mortgage-Backed Securities: GNMA
Lender’s Counsel: Tiber Hudson, LLC
Title Company: Residential Title Services Inc.
Sustainability Consultant: Pando Alliance
Solar Consultant: Neo Solar Power Corp.
Clean & Green Team: Park Heights Renaissance
ADA Consultant: Steven Winters Associates, Inc.
Geotech: D.W. Kozera, Inc.
Environmental Engineer & HEROS: Environmental Health Consultants, LLC
Public Art: Art with a Heart
LIHTC Bond Issuer: Maryland Community Development Administration (CDA)
Issuer’s Counsel: Kutak Rock, LLP
Outside Issuer’s Counsel: Ballard Spahr LLP
The City of Baltimore: Department of Housing and Community Development
Mayor’s Office of Recovery Programs
City Counsel: McGuire Woods LLP
Bond Underwriter: Stifel, Nicolaus & Company, Inc.
Underwriter’s Counsel: Tiber Hudson LLC
Equity Bridge lender: BlueHub Capital
Equity Bridge Counsel: Pierce Atwood LLP
Tax Credit Syndicator: R4 Capital LLC
Syndicator's Counsel: Holland & Knight
Trustee: Wilmington Trust, N.A.
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.
